Summary

The Dow Jones Industrial Average chalked up another record high on Thursday while losses in Facebook kept the S&P 500 and the Nasdaq in check as Wall Street began a long hard look at the long-awaited tax cut plan unveiled by Congressional republicans.

The bill called for slashing the corporate tax rate to 20 percent from 35 percent but also ending certain tax breaks for companies and individuals.

While many market watchers have pointed to a corporate tax cut as further fuel for a record-setting run for equities, investors said the bill was just a starting point with significant negotiations likely ahead.

Gains in shares of industrial stalwarts Boeing and 3M and bank Goldman Sachs helped boost the Dow.

In after-hours trade, shares of Dow component Apple gained as the company’s revenue forecast for the holiday shopping quarter was largely above market expectations.

Housing sector stocks fell amid concerns over the tax plan’s cap on deductions for mortgages.

The PHLX Housing index fell 1.1 percent, with Toll Brothers down 6.1 percent and MDC Holdings off 12.0 percent.

Shares of home improvement retailers also fell. Lowe’s fell 4.1 percent and Home Depot was down 1.6 percent, weighing on the Dow.

Trump officially nominated Federal Reserve Governor Jerome Powell to head the U.S. central bank, a pick that had been widely anticipated. Powell has supported current Chair Janet Yellen’s general direction in setting monetary policy and has been viewed as relatively dovish on interest rates.

Third-quarter earnings season was also in focus, with more than three-fourths having reported, S&P 500 companies are expected to have increased profits by 7.7 percent in the third quarter, up from an expectation of 5.9 percent growth at the start of October, according to Thomson Reuters I/B/E/S.

Facebook shares fell 2.0 percent as investors shrugged off strong quarterly results and worried about the social media company’s spending. The stock was the biggest drag on the S&P 500 and Nasdaq.

Tesla ended the trading day down 6.8 percent after the company pushed back its production target for its Model 3 sedan and reported its largest quarterly loss ever.

Blue Apron closed 18.6 percent lower after the meal-kit delivery company reported a larger quarterly loss than expected.

Approximately 7.4 billion shares changed hands on the major domestic equity exchanges, a number that was well above the 6.2 billion share daily average over the last 20 sessions.