US stocks dip as Trump releases tax overhaul plan

Wall Street stocks finished slightly lower Wednesday following mixed earnings and after the White House unveiled details of its long-awaited tax reform plan.

Tax cuts have been Wall Street's top priority since the election of President Donald Trump. But analysts characterized the muted reaction to the announcement as a pullback after a strong rally the last two days.

"We got a big run up on the past few days as details of the tax plan had been leaked out and there was a bit of modest selling on the news," said Alan Skrainka, chief investment officer at Cornerstone Wealth Management.

The Dow Jones Industrial Average lost 0.1 percent to end the session at 20,975.09.

The broad-based S&P 500 also slipped 0.1 percent to end at 2,387.45, while the tech-rich Nasdaq Composite Index finished at 6,025.23, dipping slightly from Tuesday's record when it closed above 6,000 for the first time.

Dow member Boeing dropped 1.0 percent after reporting a 7.3 percent drop in revenues to $21 billion, falling short of the $21.3 billion expected by analysts. It was only the second time in 21 quarters the company disappointed expectations.

Procter & Gamble lost 2.5 percent after it revealed declines in sales and profits, saying challenging geopolitical and economic conditions hit consumer demand.

US Steel plunged 26.7 percent after reporting a loss of $180 million in the first quarter and slashing its forecast for full-year earnings to $260 million from the prior $535 million.

Twitter surged 7.9 percent as monthly active users grew nine percent from the same period a year ago to 328 million.

Other companies releasing earnings included United Technologies, which gained 1.2 percent, Chipotle Mexican Grill, which gained 2.0 percent, Edwards Lifesciences, which surged 10.5 percent, and Seagate Technology, which slumped 16.8 percent.