How major US stock indexes fared on Monday

Traders work on the floor of the New York Stock Exchange in New York U.S

Traders work on the floor of the New York Stock Exchange in New York U.S

S&P 500 e-minis were up 5.75 points, or 0.22 percent, with 191,990 contracts traded.

The Senate approved its version of tax code overhaul in a 51-49 vote over the weekend.

"You don't want things to slip away at the end of the year, so it's tempting to take things off the table, maybe buy something that's been beaten up", said Frank Gretz, a analyst for Wellington Shields & Co, a brokerage in New York. Including the AMT could negate parts of the bill seen as beneficial to tech companies and other corporations.

The Dow Jones Industrial Average gave up a triple-digit gain but held on to post a record close Monday, while a slump for tech shares dragged the Nasdaq Composite and the S&P 500 lower.

That put Senate Republicans on a collision course with Republicans in the U.S. House of Representatives, whose own tax bill repealed the corporate AMT and who are already calling for the tax to be eliminated in the final legislation.

UBS strategists project that overall S&P 500 earnings would rise by 6.5 percent should the corporate tax rate fall to 25 percent and increase by 9.5 percent should the rate go to 20 percent.

U.S. Treasury prices are lower this morning, sending the benchmark 10-year yield up 3 bps at 2.39% and the two-year yield also 3 bps higher at 1.80%.

Ten of the 11 major S&P sectors fell, led by losses in telecom services.SPLRCL and utilities.SPLRCU.

The next biggest contributors were shares of Boeing, which rose 1.3% to add about 24.9 points to the Dow; Caterpillar's stock, which tacked on 1.9% to add 18.5 points to the Dow; and Home Depot shares, which rose 1.4% to add about 17.8 points. Meanwhile, Toll Brothers' stock slipped on weaker-than-forecast quarterly results.

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