By ALEX VEIGAThe major U.S. stock indexes were mostly lower in morning trading Thursday as an early surge faded. Utilities, technology and consumer-focused stocks were among the biggest decliners. Banks and other financial companies were up the most. The market was coming off a big rally following the election of Donald Trump as the next U.S. president. KEEPING SCORE: The Dow Jones industrial average climbed 118 points, or 0.6 percent, to 18,708 as of 11:40 a.m. Eastern time. The Standard & Poor's 500 index slid 4 points, or 0.2 percent, to 2,159. The Nasdaq composite index lost 68 points, or 1.3 percent, to 5,183. TRUMP BOUNCE: The upcoming Trump presidency, which will commence on Jan. 20, triggered a strong rally on Wednesday that carried into early trading on Thursday. Traders were focusing on Trump's promises to boost U.S. economic growth through infrastructure spending and by cutting red tape, rather than uncertainties such as what he might do with trade agreements. Before the election, markets had been worried about a Trump presidency because his campaign promises carried few policy details, making him an unknown quantity compared with rival Hillary Clinton. THE QUOTE: "We had a gangbuster day yesterday; call it a Trump rally," said Doug Cote, chief market strategist for Voya Investment Management. "Today we're having a little breather, a little rest, but the key thing that will also keep the market going is the S&P 500 corporate earnings for the third quarter are positive for the first time in six quarters." NO DIAL TONE: Phone companies were trading lower, part of a sell-off in telecom and other safe-haven stocks. AT&T lost 64 cents, or 1.7 percent, to $36.80, while Verizon slid $1.49, or 1.8 percent, to $81.75. T-Mobile US slid $1.31, or 2.5 percent, to $51.70. MIXED RESULTS: Novavax slumped 20 percent after the biopharmaceutical company reported third-quarter revenue that fell short of financial analysts' forecasts. The stock slid 34 cents to $1.36.