U.S. stocks pulled back from record-highs on Monday as investors assessed President Donald Trump's plan for corporate tax cuts. Roselle Chen reports.
Stocks ended the day in the red after a report that the House of Representatives was discussing "a gradual phase-in" for President Donald Trump's corporate tax cut plans. The rate would reach 20 percent in 2022, the Bloomberg report said. TCW's Diane Jaffee: (SOUNDBITE) DIANE E. JAFFEE, CFA, SENIOR PORTFOLIO MANAGER, TCW (ENGLISH) SAYING: "Well, tax cuts for corporations would be remarkably positive. We have amongst the highest tax rates from around the world for our corporations, so that would be good. The market is a little nervous today because, when it's phased in, maybe it means you don't get everything you've anticipated." Apple shares jumped on research notes pointing to strong demand for the iPhone X. Merck dipped after the company said it had withdrawn an application for use of its key cancer immunotherapy in Europe. General Motors fell on a Goldman Sachs' downgrade from "neutral" to "sell." In Europe, stocks ended the day mixed.