Wall Street start lower on concerns over delay in corporate tax cuts

Wall Street start lower on concerns over delay in corporate tax cuts

On Friday, Wall Street equities were set for a weaker start on worries that a delay in corporate tax cuts until 2019 might stall the market soar, partly caused by Donald Trump's election pledge to spur corporate revenues and add jobs.

Senate Republicans have disclosed a tax-cut initiative, which would postpone lowering corporate rate to about 20% by a year and give small-business owners a deduction rather than a separate business rate.

The Senate Republicans variant of the bill differs greatly on business, corporate as well as individual tax cuts from legislation detailed by their rivals in the House of Representatives.

The S&P 500 index has headed north more than 20% since the 2016 presidential election, driven by Trump's pledges.

All three key indexes found themselves on track to conclude lower for the trading week. The S&P and the Dowon track demonstrated weekly dives after eight straight weeks of revenues.

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S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

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