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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) - Get The Walt Disney Company Report  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) - Get Fox Corporation Report .

McDonald's Corp. (MCD) - Get McDonald's Corporation Report  rose 1.4% after analysts from Jefferies boosted their price target on the world's biggest restaurant group to $200 from $150.

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Snap Inc. (SNAP) - Get Snap Inc. Class A Report 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) - Get Meta Platforms Inc. Report in the youth messaging market.

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Facebook closed up less than 1%. Among other tech stocks Apple Inc.  (AAPL) - Get Apple Inc. Report declined by 0.09% and Alphabet Inc. (GOOGL) - Get Alphabet Inc. Reportrose by 0.76%

AT&T Inc. (T) - Get AT&T Inc. Report 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.

Regal Entertainment (RGC) shares were up 9% Tuesday after the  company was purchased by U.K. theater company Cineworld Group for $3.6 billion. Cineworld will also assume the company's debt, bringing the total value of the deal to nearly $6 billion.

Shares of luxury homebuilder Toll Brothers Inc. (TOL) - Get Toll Brothers Inc. Report  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 (ITB) - Get iShares U.S. Home Construction ETF Report was down 1.8% Tuesday.

Facebook, Apple and Alphabet are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells FB, AAPL or GOOGL? Learn more now

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