Stocks Stumbled at Open on Doubts over Trump Agenda

U.S. stocks fell sharply at open on Monday as President Donald Trump’s failure on healthcare reform raised questions about his ability to push through tax cuts and fiscal spending to boost the economy. The Dow Jones Industrial Average lately skidded 132.71 points, or 0.64%, to 20,464.01. The S&P 500 lost 15.17 points, or 0.65%, to 2,328.81. The Nasdaq Composite fell 44.72 points, or 0.77%, to 5,784.02.

The failure of the bill, Trump’s first legislative test as president, raised questions about the president’s ability to push bills through Congress, as well as the unity of the Republican coalition.

Oil prices drifted lower on Monday, weighed down in part by renewed concerns about global oil supply after a meeting of OPEC producers failed to impress investors. May West Texas Intermediate crude fell 44 cents, or 0.9%, to $47.53 a barrel, while May Brent crude eased 33 cents, or 0.7%, to $50.47 a barrel.

Shares of Snapchat parent Snap Inc. (SNAP) surged 3.6% in premarket trade Monday, after a number of Wall Street analysts started coverage of the social media company with bullish ratings and price targets.