Wall Street Slips as Merck Drops, Tax Talk Rattles<br />In other corporate news, the board of Japan’s SoftBank Group Corp is having doubts about the merger it has been negotiating between its U. S. wireless subsidiary Sprint Corp<br />and T-Mobile US Inc, due to fears of losing control of a combined entity, a source familiar with the matter told Reuters.<br />(Reuters) - Wall Street pulled back from record-high territory on Monday, weighed down by a drop in Merck shares and a report<br />that U. S. lawmakers are discussing a gradual phase-in of much-anticipated corporate tax cuts.<br />Rick Meckler said that A lot of people are looking to that corporate tax cut as a reason for the next leg up in stocks,<br />“We are in a market that has just been on an absolute low-volatility, steady climb for quite a while, so you don’t<br />need much of a reason for it to take a periodic step back, particularly a small step back," Meckler said.<br />The Dow Jones Industrial Average fell 85.45 points, or 0.36 percent, to 23,348.74, the S&P 500 lost 8.24 points, or 0.32 percent, to 2,572.83<br />and the Nasdaq Composite dropped 2.30 points, or 0.03 percent, to 6,698.96.<br />reported Trump was "expected to" name Powell as soon as Thursday to replace Janet Yellen<br />as Fed chair, after Reuters reported earlier that Trump was likely to pick him.
