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Overnight Markets: Wall Street slips amid concerns about tax-cut delay

Overnight Markets: Wall Street slips amid concerns about tax-cut delay

US stocks declined on Monday amid concerns President Donald Trump's plan to reduce taxes and boost the economy could take longer than previously expected.

The Dow Jones Industrial Average inched down 0.04% to end at 20,906 points, while the S&P 500 lost 0.20% to 2,373. The Nasdaq Composite edged up 0.01% to finish at 5,902 after briefly hitting an intraday record high.

The S&P 500 and the Dow ended lower after FBI Director James Comey told a congressional hearing he had seen no evidence to support a claim by Trump that former President Barack Obama had wiretapped his campaign headquarters in Trump Tower in New York.

Financials were the biggest decliners. US-listed shares for Deutsche Bank AG closed 3.7% lower after the German lender issued new shares to raise nearly $9 billion.

Energy stocks tracked volatile oil prices, ending slightly lower as crude-oil prices recovered some of the sharp losses. Transocean Ltd. and Chesapeake Energy Corp. were down 2%.

In company news, Caterpillar Inc. and Nike Inc. led the gains, closing up 2.7% and 1.5%, respectively while Home Depot Inc. and Visa Inc. were the top decliners, each losing 1.2%.

Apple (AAPL.O) rose 1.05% to a record-high close of $141.46 after Cowen & Co upgraded its price target on the stock.

Walt Disney (DIS.N) added 0.85% after the company's "Beauty and the Beast" topped box-office sales. The stock was among the biggest gainers on the Dow.

In Asia, equities traded mixed on Tuesday morning, after the Reserve Bank of Australia released its March meeting minutes and the dollar continued to weaken.

The ASX 200 slipped 0.19%, dragged by its financials sub-index, which was down 0.53%. The Japanese benchmark dropped 0.5%.

In South Korea, the Kospi rose 0.81%. Chinese shares were negative early on Tuesday. Shanghai composite fell 0.1% and Shenzhen composite slipped 0.08%. Hong Kong's Hang Seng was up 0.06%.

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