The Dow Jones Industrial Average, S&P 500 and Nasdaq all finished lower on Tuesday, a day after the Dow posted a new record close on the heels of the Senate's passage of the GOP tax bill.
The Dow fell 110 points, or 0.45%. Earlier in the session it traded above its closing record high of 24,290. The Dow had seen recent strength as the GOP's tax-overhaul efforts remained the key story, but investor optimism over the tax bill may be fading.
Walt Disney Co. (DIS) traded down 2.7% on reports that the media group was getting close to a deal that would see it purchase some of the assets of Twenty-First Century Fox Inc. (FOXA) .
McDonald's Corp. (MCD) rose 1.4% after analysts from Jefferies boosted their price target on the world's biggest restaurant group to $200 from $150.
Snap Inc. (SNAP) shares, which were a were a notable early mover in premarket trading, gained 10% after two investment banks lifted their recommendations on the social media app as it goes head-to-head with Facebook Inc. (FB) in the youth messaging market.
Facebook closed up less than 1%. Among other tech stocks Apple Inc. (AAPL) declined by 0.09% and Alphabet Inc. (GOOGL) rose by 0.76%
AT&T Inc. (
) announced that its DirectTV Now over-the-top streaming service has surpassed 1 million subscribers about a year after the service was launched in order to combat the growing tide of cord-cutters leaving traditional pay-TV plans. The stock fell 1.9% as telecom shares lagged on Tuesday.
Shares of luxury homebuilder Toll Brothers Inc. (
) dropped 7% Tuesday after the company not only missed its quarterly earnings mark but also said that it expects its full-year adjusted gross margin to shrink. There is also a chance that
Toll Brothers could face long-term trouble
due to the GOP tax reform bill currently making its way through Congress.
The iShares US Home Construction ETF (
) was down 1.8% Tuesday.