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 .
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.
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.
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