US stocks close lower ahead of earnings season



New York: US stocks closed lower as investors awaited the start of the earnings season.

The Dow Jones Industrial Average on Monday lost 12.60 points, or 0.06 per cent, to 22,761.07, Xinhua news agency reported.

The S&P 500 was down 4.60 points, or 0.18 per cent, to 2,544.73. The Nasdaq Composite Index decreased 10.45 points, or 0.16 per cent, to 6,579.73.

Some of the major companies scheduled to report quarterly results this week include BlackRock, Citigroup, Bank of America and Wells Fargo.

There has been rising optimism over President Donald Trump’s proposed tax overhaul.

Trump and the top Republicans in Congress hope to enact a package of tax cuts for corporations, small businesses and individuals before next January, saying lower taxes will boost economic growth, jobs and wages.

Last week, the US House of Representatives passed a budget resolution for fiscal year 2018, paving the way for tax reform legislation.

In a nearly party-line vote of 219-206, lawmakers approved the budget which sets up a process that could help congressional Republicans avoid a filibuster in the Senate when discussing its tax reform bill and pass it without any Democratic vote.



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