Stock Futures Dip With Pullback Set to Continue Into New Week

Stock futures pulled back again on Monday, Nov. 13, as a retreat from records set five days ago looked to continue into a new week.

Dow Jones Industrial Average futures were down 32 points, S&P 500 futures fell 5 points, and Nasdaq futures dipped 13 points.

The Dow finished Friday, Nov. 11, lower in its first weekly decline after eight straight weeks of gains. Even so, the two days of losses didn't pull the index too far from its records -- the index remained less than 200 points from an all-time closing high set on Nov. 8. The S&P 500 also fell on Friday in its first weekly loss in nine weeks.

Stocks have pulled back on concerns the path to tax cuts could be bumpier than initially expected. Doubts were raised late last week after details of the Senate's tax plans conflicted with the House GOP's proposed legislation. The House is expected to bring a vote for its Tax Cut and Job Acts bill to the floor this week.

General Electric Co. (GE - Get Report) announced Monday it was cutting its quarterly dividend by 50% to 12 cents from 24 cents a share, its second cut since the Great Depression. The Boston-based company last reduced the quarterly payout in 2009 -- before then, it had not done so since 1938.

CEO John Flannery is expected on Monday to unveil a plan for the conglomerate that includes a focus on three of its biggest business lines, but stops short of a breakup or more radical restructuring of company, The Wall Street Journal reported. Flannery, who took over as CEO on Aug. 1, is expected to focus on GE's aviation, power and health-care divisions.

Elsewhere, the future of a tax reform deal in the U.S. continues to add uncertainty to markets. Market sentiment has been on edge as of late, after news emerged that a corporate tax cut from 35 percent to 20 percent could be delayed until 2019.

Read more:

• And for all the bounty hunters: Iran offers $80m for the head of Donald Trump
• US service member and 2 US Defense Dept contractors killed in Kenya attack
• Iranian Quds leader Qasem Soleimani has been killed – how are markets reacting
• A calm end of an otherwise loud 2019
• Old but Gold – Top 5 posts of Varchev Finance