Stocks open slightly lower after Trump's SOTU address

U.S. stock futures were little changed Wednesday morning following President Donald Trump’s State of the Union address, wherein the president reiterated a hardline stance on trade policy and again called for Congress to come to an agreement to provide funds for his proposed border wall.

The S&P 500 (^GSPC) fell 0.1% or 2.73 points, as of 9:37 a.m. ET. The Dow (^DJI) ticked down 0.08%, or 19.51 points, while the Nasdaq (^IXIC) slipped 0.06%, or 4.21 points.

Trump’s second State of the Union address Tuesday night provided few surprises for investors and primarily provided a platform for the president to restate his stances on U.S.-China trade, immigration policy and infrastructure.

RELATED: Trump's second annual State of the Union Address

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Trump's second annual State of the Union Address
President Donald Trump arrives to deliver his State of the Union address to a joint session of Congress on Capitol Hill in Washington, Tuesday, Feb. 5, 2019. (AP Photo/Carolyn Kaster)
President Donald Trump delivers his State of the Union address to a joint session of Congress on Capitol Hill in Washington, as Vice President Mike Pence and Speaker of the House Nancy Pelosi, D-Calif., watch, Tuesday, Feb. 5, 2019. (AP Photo/Andrew Harnik)
US President Donald Trump delivers the State of the Union address at the US Capitol in Washington, DC, on February 5, 2019. (Photo by MANDEL NGAN / AFP) (Photo credit should read MANDEL NGAN/AFP/Getty Images)
First Lady Melania Trump greets the audience, surrounded by family members, as she arrives for US President Donald Trump's State of the Union address at the US Capitol in Washington, DC on February 5, 2019. (Photo by MANDEL NGAN / AFP) (Photo credit should read MANDEL NGAN/AFP/Getty Images)
US President Donald Trump arrives to deliver the State of the Union address at the US Capitol in Washington, DC, on February 5, 2019. (Photo by MANDEL NGAN / AFP) (Photo credit should read MANDEL NGAN/AFP/Getty Images)
President Donald Trump delivers his State of the Union address to a joint session of Congress on Capitol Hill in Washington, as Vice President Mike Pence and Speaker of the House Nancy Pelosi, D-Calif., watch, Tuesday, Feb. 5, 2019. (AP Photo/Andrew Harnik)
White House Director of Strategic Communications Mercedes Schlapp (L), Press Secretary Sarah Huckabee Sanders (C) and Social Media Director Dan Scavino (R) wait for the start of U.S. President Donald Trump's second State of the Union address to a joint session of the U.S. Congress in the House Chamber of the U.S. Capitol on Capitol Hill in Washington, U.S. February 5, 2019. REUTERS/Jonathan Ernst
Rep. Alexandria Ocasio Cortez (D-NY) arrives before U.S. President Donald Trump delivers his second State of the Union address to a joint session of Congress in the House Chamber of the U.S. Capitol in Washington, U.S., February 5, 2019. REUTERS/Joshua Roberts
House Speaker Nancy Pelosi of Calif, arrives to listen to President Donald Trump deliver his State of the Union address to a joint session of Congress on Capitol Hill in Washington, Tuesday, Feb. 5, 2019. (AP Photo/Carolyn Kaster)
Members of Congress arrive to hear President Donald Trump deliver his State of the Union address to a joint session of Congress on Capitol Hill in Washington, Tuesday, Feb. 5, 2019. (AP Photo/Andrew Harnik)
The U.S. Capitol stands at sunset in Washington, D.C., U.S., on Tuesday, Feb. 5, 2019. President Donald Trump will speak to a House chamber full of Democrats jostling to challenge his re-election on Tuesday night, with many female lawmakers planning to dress in suffragette white and his chief antagonist Nancy Pelosi seated at the dais behind him. Photographer: Al Drago/Bloomberg via Getty Images
UNITED STATES - FEBRUARY 5: Donald Trump Jr., walks through Statuary Hall on his way to House Minority Leader Kevin McCarthy's office before his father President Donald Trump delivers his State of the Union address to a joint session of Congress in the Capitol on Tuesday, Feb. 5, 2019. He had mistakenly walked towards Speaker Pelosi's office first. (Photo By Bill Clark/CQ Roll Call)
(L-R) Senior Advisor to the President Jared Kushner, Senior Advisor to the President Ivanka Trump, Lara Trump, Eric Trump, Donald Trump, Jr., and Tiffany Trump applaud during the State of the Union address at the US Capitol in Washington, DC, on February 5, 2019. (Photo by MANDEL NGAN / AFP) (Photo credit should read MANDEL NGAN/AFP/Getty Images)
US President Donald Trump makes a point as he delivers the State of the Union address at the US Capitol in Washington, DC, on February 5, 2019. (Photo by MANDEL NGAN / AFP) (Photo credit should read MANDEL NGAN/AFP/Getty Images)
U.S. House Speaker Nancy Pelosi, a Democrat from California, right, and U.S. Vice President Mike Pence, left, applaud U.S. President Donald Trump as he arrives to deliver a State of the Union address to a joint session of Congress at the U.S. Capitol in Washington, D.C., U.S., on Tuesday, Feb. 5, 2019. Trump will speak to a House chamber full of Democrats jostling to challenge his re-election, with many female lawmakers planning to dress in suffragette white and his chief antagonist Nancy Pelosi seated at the dais behind him. Photographer: Al Drago/Bloomberg via Getty Images
U.S. President Donald Trump, center, delivers a State of the Union address to a joint session of Congress at the U.S. Capitol in Washington, D.C., U.S., on Tuesday, Feb. 5, 2019. Trump will speak to a House chamber full of Democrats jostling to challenge his re-election, with many female lawmakers planning to dress in suffragette white and his chief antagonist Nancy Pelosi seated at the dais behind him. Photographer: Al Drago/Bloomberg via Getty Images
U.S. President Donald Trump delivers a State of the Union address to a joint session of Congress at the U.S. Capitol in Washington, D.C., U.S., on Tuesday, Feb. 5, 2019. Trump will speak to a House chamber full of Democrats jostling to challenge his re-election, with many female lawmakers planning to dress in suffragette white and his chief antagonist Nancy Pelosi seated at the dais behind him. Photographer: Al Drago/Bloomberg via Getty Images
(L-R) Homeland Security Secretary Kirstjen Nielsen, Transportation Secretary Elaine Chao and Secretary of Housing and Urban Development Ben Carson applaud at the State of the Union address at the US Capitol in Washington, DC, on February 5, 2019. (Photo by MANDEL NGAN / AFP) (Photo credit should read MANDEL NGAN/AFP/Getty Images)
U.S. Senator Bernie Sanders (D-VT) reacts as U.S. President Donald Trump delivers his second State of the Union address to a joint session of Congress at the U.S. Capitol in Washington, U.S. February 5, 2019. REUTERS/Jonathan Ernst
First lady Melania Trump looks at cancer survivor Grace Eline as she is mentioned by U.S. President Donald Trump as he delivers his second State of the Union address to a joint session of Congress at the U.S. Capitol in Washington, U.S. February 5, 2019. REUTERS/Jonathan Ernst
Democratic female members of Congress cheer after U.S. President Donald Trump said there are more women in Congress than ever before during his second State of the Union address to a joint session of Congress at the U.S. Capitol in Washington, U.S. February 5, 2019. REUTERS/Jonathan Ernst
U.S. President Donald Trump delivers his State of the Union address to a joint session of Congress on Capitol Hill in Washington, U.S., February 5, 2019. REUTERS/Jim Young
Democratic female members of Congress cheer after President Donald Trump said there are more women in Congress than ever before during his second State of the Union address to a joint session of Congress at the U.S. Capitol in Washington, U.S. February 5, 2019. REUTERS/Jonathan Ernst
Acting U.S. Attorney General Matthew Whitaker and Acting Defense Secretary Patrick Shanahan listen behind Agriculture Secretary Sonny Perdue and Treasury Secretary Steven Mnuchin as U.S. President Donald Trump delivers his second State of the Union address to a joint session of Congress at the U.S. Capitol in Washington, U.S. February 5, 2019. REUTERS/Jonathan Ernst
U.S. President Donald Trump delivers his second State of the Union address to a joint session of the U.S. Congress in the House Chamber of the U.S. Capitol on Capitol Hill in Washington, U.S. February 5, 2019. REUTERS/Jonathan Ernst
U.S. President Donald Trump delivers his State of the Union address to a joint session of Congress on Capitol Hill in Washington, U.S., February 5, 2019. REUTERS/Jim Young
Alice Johnson, who was granted clemency by President Trump in 2018 while serving a life sentence in a nonviolent drug case, wipes away tears as she sits with White House adviser Jared Kushner (C) and his wife Ivanka Trump (R) as U.S. President Donald Trump delivers his second State of the Union address to a joint session of the U.S. Congress in the House Chamber of the U.S. Capitol on Capitol Hill in Washington, U.S. February 5, 2019. REUTERS/Jonathan Ernst
FEBRUARY 5, 2019 - WASHINGTON, DC: President Donald Trump delivered the State of the Union address, with Vice President Mike Pence and Speaker of the House Nancy Pelosi, at the Capitol in Washington, DC on February 5, 2019. Doug Mills/Pool via REUTERS
First Lady Melania Trump applauds young cancer survivor Grace Eline during U.S. President Donald Trump's State of the Union address to a joint session of Congress on Capitol Hill in Washington, U.S., February 5, 2019. REUTERS/Jim Young
FEBRUARY 5, 2019 - WASHINGTON, DC: President Donald Trump delivered the State of the Union address, with Vice President Mike Pence and Speaker of the House Nancy Pelosi, at the Capitol in Washington, DC on February 5, 2019. Doug Mills/Pool via REUTERS
Speaker of the House Nancy Pelosi (D-CA) shakes hands with U.S. President Donald Trump in front of Vice President Mike Pence as the president arrives to deliver his second State of the Union address to a joint session of the U.S. Congress in the House Chamber of the U.S. Capitol on Capitol Hill in Washington, U.S. February 5, 2019. REUTERS/Jonathan Ernst
U.S. President Donald Trump gestures during his State of the Union address to a joint session of Congress on Capitol Hill in Washington, U.S., February 5, 2019. REUTERS/Jim Young
U.S. President Donald Trump delivers his second State of the Union address to a joint session of the U.S. Congress in the House Chamber of the U.S. Capitol on Capitol Hill in Washington, U.S. February 5, 2019. REUTERS/Joshua Roberts
Democratic members of the U.S. Congress listen as U.S. President Donald Trump delivers his second State of the Union address to a joint session of the U.S. Congress in the House Chamber of the U.S. Capitol on Capitol Hill in Washington, U.S. February 5, 2019. REUTERS/Leah Millis
Attendees applaud as U.S. President Donald Trump delivers his second State of the Union address to a joint session of the U.S. Congress in the House Chamber of the U.S. Capitol on Capitol Hill in Washington, U.S. February 5, 2019. REUTERS/Leah Millis
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“It was thin indeed for details on economic initiative going forward, unless you consider building a border wall and keeping up the trade fight with China as falling within that category,” Mark Hamrick, senior economic analyst at Bankrate.com, said in an email.

Trump also called for Republicans and Democrats to “join forces” to pass a bill to provide the $5.7 billion in funds he has called for to secure the southern border, while providing no signs of concessions for congressional Democrats who have so far blocked his funding. Congressional lawmakers have until February 15 to pass a measure to fund several major agencies to prevent the government from descending back into a partial shutdown.

Trump’s comments surrounding drug pricing reform – which had widely been anticipated ahead of the address – could carry more direct implications for the pharmaceutical industry. The president called for legislation to lower prices of pharmaceutical drugs in the U.S., saying, “It is unacceptable that Americans pay vastly more than people in other countries for the exact same drugs, often made in the exact same places.” These comments come as drug-makers have increased prices on hundreds of prescription medicines at the start of 2019.

He asked that Congress pass legislation “that finally takes on the problem of global freeloading and delivers fairness and price transparency for American patients.” The Trump administration has recently proposed ending a series of drug rebates that drug-makers pay to pharmacy benefit managers in programs like Medicare in a move aimed at deflating high list prices of many pharmaceuticals.

RELATED: Melania Trump at the State of the Union speech

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Melania Trump at the State of the Union speech
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Melania Trump at the State of the Union speech
First lady Melania Trump waves as she arrives for President Donald Trump's State of the Union address to a joint session of Congress on Capitol Hill in Washington, Tuesday, Feb. 5, 2019. (AP Photo/J. Scott Applewhite)
U.S. first lady Melania Trump sits with her guests, young cancer survivor Grace Eline (C) and Joshua Trump (R), a 6th grade student from Delaware who has been bullied because of his last name, in the first ladies box as they attend U.S. President Donald Trump's second State of the Union address to a joint session of the U.S. Congress in the House Chamber of the U.S. Capitol on Capitol Hill in Washington, U.S. February 5, 2019. REUTERS/Jonathan Ernst
Grace Eline and Joshua Trump greet first lady Melania Trump before President Donald Trump delivers his State of the Union address to a joint session of Congress on Capitol Hill in Washington, Tuesday, Feb. 5, 2019. (AP Photo/J. Scott Applewhite)
First Lady Melania Trump applauds young cancer survivor Grace Eline during U.S. President Donald Trump's State of the Union address to a joint session of Congress on Capitol Hill in Washington, U.S., February 5, 2019. REUTERS/Jim Young
U.S. first lady Melania Trump talks with Joshua Trump (C), a 6th grade student from Delaware who has been bullied because of his last name, and cancer survivor Grace Eline (L), as she arrives in the first lady's box to attend U.S. President Donald Trump's second State of the Union address to a joint session of the U.S. Congress in the House Chamber of the U.S. Capitol on Capitol Hill in Washington, U.S. February 5, 2019. REUTERS/Jonathan Ernst
FEBRUARY 5, 2019 - WASHINGTON, DC: First Lady Melania Trump in the First Lady's box ahead of the State of the Union address, at the Capitol in Washington, DC on February 5, 2019. Doug Mills/Pool via REUTERS
First lady Melania Trump talks with cancer survivor Grace Eline, her guest in the first ladies box, as U.S. President Donald Trump delivers his second State of the Union address to a joint session of Congress at the U.S. Capitol in Washington, U.S. February 5, 2019. REUTERS/Leah Millis
Astronaut Buzz Aldrin salutes as President Donald Trump mentions him as first lady Melania Trump looks on as U.S. President Trump delivers his second State of the Union address to a joint session of Congress at the U.S. Capitol in Washington, U.S. February 5, 2019. REUTERS/Jonathan Ernst
FEBRUARY 5, 2019 - WASHINGTON, DC: First Lady Melania Trump in the First Lady's box ahead of the State of the Union address, at the Capitol in Washington, DC on February 5, 2019. Doug Mills/Pool via REUTERS
First Lady Melania Trump applauds young cancer survivor Grace Eline during U.S. President Donald Trump's State of the Union address to a joint session of Congress on Capitol Hill in Washington, U.S., February 5, 2019. REUTERS/Jim Young
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On Wednesday, Federal Reserve Chairman Jerome Powell will speak at a town hall meeting with educators at 5 p.m. ET in Washington, marking his first public comments after last week’s Federal Open Market Committee meeting and monetary policy decision. These will also be his first public statements since he met with Trump at the White House for dinner Monday to discuss recent economic developments and the growth outlook.

Elsewhere, earnings season is still barreling ahead, with 71.7% of the S&P 500’s market capitalization now having reported fourth-quarter results. Earnings are beating by 3.4%, with 62% of companies exceeding their bottom-line estimates, Jonathan Golub, chief U.S. equity strategist for Credit Suisse, said in an email. This compares to 4.9% and 70% over the past three years.

Companies reporting results today include Eli Lilly (LLY), Boston Scientific (BSX), General Motors (GM) and MetLife (MET).

STOCKS: Snap posts narrower-than-expected losses, General Motors beats estimates

Snap (SNAP) posted a fourth-quarter loss per share of 4 cents, versus 7 cents anticipated by analysts, while revenue of $390 million came in $12 million ahead of expectations. The company’s userbase of 186 million daily active users was flat compared to the previous quarter – better than Wall Street’s expectations for a decline to about 184 million DAUs.

Disney (DIS) delivered stronger-than-expected quarterly earnings and revenue for the fiscal first quarter as the company articulated its focus on building out its direct-to-consumer platforms. Disney’s newly reported Direct-to-Consumer & International segment, which includes sports streaming platform ESPN+ and the soon-to-be-launched video streamer Disney+, posted an operating loss for the quarter. But Disney CEO Robert Iger said on a call with investors that DTC services are the company’s “number one priority” and that the investments the company is making “in both the technology side and in creating incremental content are all designed so that long-term this business will become an important part of Disney’s bottom-line.”

General Motors (GM) exceeded Wall Street’s expectations for fourth-quarter results on the top and bottom lines amid the automaker’s cost-cutting workforce reductions and higher truck sales. Adjusted earnings were $1.43 per share on revenue of $38.4 billion, exceeding expectations of $1.25 per share on revenue of $36.53 billion, according to Bloomberg data. The company also said it expects to post full-year earnings of between $6.50 to $7.00 per share, ahead of the average expectation of $6.27.

ECONOMY: U.S. trade deficit narrowed in November, delayed results show

The U.S. trade deficit in November narrowed to $49.3 billion, an 11.5% reduction from October’s revised $55.7 billion deficit. Consensus economists polled by Bloomberg had expected a $54 billion deficit for the month. Imports fell 2.9% in November to $259.2 billion, while exports declined 0.6% to $209.9 billion, according to a Commerce Department statement Wednesday. The release of November trade balance data was delayed due to the partial government shutdown.

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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