The major U.S. index futures are pointing to a lower opening on Monday, with stocks likely to extend the pullback seen last week. The downward momentum on Wall Street comes amid weakness overseas following the decision by Republican leaders to withdraw their bill to repeal and replace Obamacare.
With traders keeping a close eye on developments on Capitol Hill, stocks saw some volatility over the course of the trading session on Friday. The major averages eventually ended the day on opposite sides of the unchanged line.
While the Nasdaq crept up 11.04 points or 0.2 percent to 5,828.74, the Dow fell 59.86 points or 0.3 percent to 20,596.72 and the S&P 500 edged down 1.98 points or 0.1 percent to 2,343.98.
Despite the mixed performance on the day, the major averages all moved notably lower for the week. The Dow slumped by 1.5 percent, the Nasdaq slid by 1.2 percent and the S&P 500 tumbled by 1.4 percent.
The volatility on Wall Street came as the House prepared to vote on a Republican bill to repeal and replace Obamacare.
Late in the trading day, House Republican leaders decided to withdraw the bill amid indications of a lack of support.
The move came despite vigorous efforts by President Donald Trump and House Speaker Paul Ryan, R-Wis., to build support for the legislation.
A number of more conservative lawmakers opposed the bill amid criticism that it did not go far enough to repeal the provisions of Obamacare.
Moderate Republicans were also concerned about predictions the plan would cause millions of people to lose their insurance.
Even if the Republican healthcare bill had been approved by the House, the legislation was expected to face an even tougher uphill battle in the Senate.
The inability to advance the bill could cast doubt on Trump’s ability to deliver on promises of increased infrastructure spending, tax cuts and deregulation.
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