* Congress pulls healthcare bill on Friday
* Trump says to turn attention to tax cuts
* Bank stocks, dollar drop; gold hits one-month high
* Futures down: Dow 144 pts, S&P 19.75 pts, Nasdaq 40 pts
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
March 27 Wall Street was set to open lower on
Monday after the defeat of President Donald Trump's healthcare
reform bill cast doubts over his ability to deliver on his
agenda of tax cuts and simpler regulations.
In a stunning setback, Congress controlled by Trump's
Republican party pulled a bill to overhaul the Affordable Care
Act, or Obamacare, on Friday. The bill was Trump's first major
legislative move since taking office in January.
"The markets around the globe are falling as a rethinking of
the 'Trump Trade' begins to focus on reality," Peter Cardillo,
chief market economist at First Standard Financial in New York,
wrote in a note.
"While we don't expect a full-blown correction to commence
at this time, we do see rising negative sentiment replacing the
The dollar, which had found favor on the possibility of tax
cuts and higher infrastructure spending, hit its lowest since
Nov. 11, while prices of safe-haven gold shot up to one-month
Banks, which had outperformed in the post-election rally on
bets of simpler regulations and higher inflation, were down
between 1.7 and 2.3 percent in premarket trading on Monday.
Still, losses in futures appeared to be kept in check on
Trump's comment to turn his attention to getting "big tax cuts"
Dow e-minis were down 144 points, or 0.7 percent at
8:25 a.m. ET (1225 GMT), with 41,266 contracts changing hands.
S&P 500 e-minis were down 19.75 points, or 0.84
percent, with 236,560 contracts traded.
Nasdaq 100 e-minis were down 40 points, or 0.74
percent, on volume of 43,598 contracts.
Investors will look forward to comments from Chicago Federal
Reserve President Charles Evans and his Dallas counterpart,
Robert Kaplan, for clues on the timing of the next interest rate
Fed Chair Janet Yellen is scheduled to speak at a conference
on Tuesday in Washington.
Snap Inc was up 4.7 percent at $23.80 in premarket
trading on Monday after multiple brokerages began coverage on
the owner of Snapchat after the blackout period for its IPO
Amazon.com was off 0.8 percent at $837.50 after
Dubai's Emaar Malls made an $800 million offer for
online retailer Souq.com. Amazon has agreed in principle to buy
Souq, according to sources.
Steel stocks, including AK Steel and United States
Steel, were down about 4 percent.
Cal-Maine Foods slumped 9 percent to $34 after the
company's third-quarter sales missed analysts' expectations.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by