NEW YORK (AP) -- U.S. stocks are slipping Thursday morning as Wall Street waits for news about House Republicans' tax proposals and President Donald Trump's choice for Federal Reserve chair. Company earnings are also still in focus. Rubbermaid maker Newell Brands and generic drugmaker Teva are tumbling after they each slashed their annual forecasts. Technology and consumer goods companies are falling.
KEEPING SCORE: The Standard & Poor's 500 index fell 7 points, or 0.3 percent, to 2,572 as of 10:05 a.m. Eastern time. The Dow Jones industrial average shed 36 points, or 0.2 percent, to 23,398. The Nasdaq composite sank 18 points, or 0.3 percent, to 6,698. The Russell 2000 index of smaller-company stocks gave up 4 points, or 0.3 percent, to 1,488.
TAX PROPOSALS: House Republicans are set to release their tax plan Thursday after they missed a self-imposed Wednesday deadline. Ways and Means Committee Chairman Kevin Brady says the GOP hopes to meet the Trump administration's goal of cutting the top corporate tax rate to 20 percent from 35 percent, but it can't do so permanently. The proposal may keep the top individual tax rate at 39.6 percent but apply it only to households that make $1 million a year instead of $470,000.
Other proposals include putting a lower threshold on the tax deduction for mortgage interest, raising the child tax credit, and eliminating the deduction for state income taxes while limiting the deductibility of local property taxes.
FED HEAD: President Donald Trump plans to announce his choice for Federal Reserve chair Thursday afternoon. Over the last week reports have said current Fed Governor Jerome "Jay" Powell will replace current Chair Janet Yellen. Yellen has led the central bank for the last four years and her term ends in February. Powell is generally seen as favoring lower interest rates than other top candidates, and investors generally expect him to keep raising rates at the gradual pace the Fed has maintained over the last few years.
EARNINGS: Newell Brands, which owns Rubbermaid, Sharpie, and dozens of other consumer brands, tumbled after it slashed its estimates for the year. The company said its third-quarter results were hurt by the bankruptcy of a retail partner, lost earnings from a winter sports businesses it divested, and higher costs. The stock tumbled $8.99, or 21.9 percent, to a three-year low of $31.99.
Generic drugmaker Teva Pharmaceuticals hit its lowest price since 2000. The company cut its annual profit and sales estimates after a disappointing third quarter. It said generic drug sales dropped 8 percent, partly because Teva and its peers are being hurt by falling prices for those medications. Revenue from the company's multiple sclerosis treatment Copaxone fell 7 percent. Teva stock dropped $16.56, or 5.2 percent, to $304.52.
OIL: Benchmark U.S. crude dipped 2 cents to $54.28 a barrel in New York. Brent crude, the international standard, fell 28 cents to $60.21 per barrel in London.
BONDS: Bond prices rose. The yield on the 10-year Treasury note declined to 2.36 percent from 2.37 percent. The yield on the 2-year note fell to 1.61 percent from 1.62 percent.
CURRENCIES: The dollar slipped to 114.13 yen from 114.22 yen. The euro rose to $1.1649 from $1.1620.
OVERSEAS: The British FTSE 100 index rose 0.4 percent while Germany's DAX fell 0.2 percent. The CAC 40 in France declined 0.3 percent. Tokyo's Nikkei 225 gained 0.5 percent and the South Korean Kospi fell 0.4 percent while Hong Kong's Hang Seng index shed 0.3 percent.