Stocks decline on tax reform questions

U.S. stocks retreated and the dollar rose slightly as investors weighed the prospects for tax reform and the Federal Reserve’s next policy move. Crude slumped following an inventory report.

The S&P 500 Index traded lower and pulled back from an all-time high as energy producers slid with oil nearing $50 a barrel and telephone shares sank after AT&T Inc. reported a substantial loss of video subscribers in the third quarter. JPMorgan Chase & Co. and Citigroup Inc. were lower after reporting thirdquarter results.

The dollar was higher for the first time this week, while Treasury yields fell after data showed a spike in gasoline costs pushed wholesale prices higher by the most in five months. The pound slumped after Brexit talks were said to reach a deadlock. Bitcoin surged to a fresh record, climbing above $5,300.

The Trump administration’s tax plan remains nebulous, as the president was said to voice frustration with certain aspects of the existing framework. Some Congressional Republicans have aired concerns, while Treasury Secretary Steven Mnuchin reiterated his confidence that a plan will get passed this year. In the meantime, investors will look to consumer price data Friday for the latest clue on inflation in attempts to assess the Fed’s next move.

The S&P 500 Index declined 0.2 percent to 2,550.93, and the Nasdaq Composite Index also fell 0.2 percent.