US stocks struggle during opening trade as investors await Trump's speech

The US stock markets struggled to gain traction, with all the three major indices witnessing a mildly weaker opening as traders wait for the US President Donald Trump's first address to joint session of Congress.

Trump's speech would be looked upon for details over his promised tax reforms, infrastructure spending and the timeline for implementation of his policies, which would eventually determine the next leg of directional move in the markets.

During opening hour of trade, the Dow Jones Industrial Average was down around 20-points to 20,818, while the broader S&P 500 Index lost over 4-points to 2,365. Meanwhile, tech-heavy Nasdaq Composite Index trimmed nearly 12-points and fell to 5,850.

Ahead of the big event, investors digested the revised US GDP growth estimate, which remained unchanged at 1.9% for the fourth-quarter of 2016, missing expectations pointing to an annualized growth of 2.1%.

In a short while from now, the Conference Board’s Consumer Confidence Index for the month of February is due for release but is likely to be overshadowed by nervousness before Trump’s address.