Stocks fell on Monday after a report surfaced saying the House is considering a plan that would gradually lower the U.S. corporate tax rate.
Bloomberg reported the plan being discussed by the House would leave the corporate rate at 20 percent by 2022. The gradual plan is "has been considered" but is not final, according to the report.
The Dow Jones industrial average declined 73 points and briefly fell more than 100 points.
The Russell 2000 traded more than 1 percent lower following the report's release. The index is made up of shares of small-cap companies, which have more to gain from an immediate domestic tax cut since they are more likely to be U.S.-based and not sprawling global entities.
The S&P 500 traded 0.3 percent lower following the report. GM and Advanced Micro Devices were among the worst performers in the S&P 500.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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