Losses for banks, health care send stocks slightly lower

Indexes pared their losses after President Donald Trump said his administration will release a tax reform proposal next week that includes a large tax cut.

Elsewhere, pipeline company Kinder Morgan shed 32 cents, or 1.5 percent, to $20.40 as energy companies took broad losses.

President Trump told the Associated Press that his administration will unveil a tax reform that will include a "massive" tax cut for individuals and businesses.

Scott Wren, senior global equity strategist for the Wells Fargo Investment Institute, says he thinks a corporate tax cut is more likely to pass Congress and become law than a tax cut for individuals.

Next Friday the government will release its report on first-quarter GDP growth, a look at the economy that investors pay a lot of attention to.

On the same day, the federal government is scheduled to reach its borrowing limit, which could trigger a government shutdown unless Congress agrees to extend it.

Mattel, the largest toy company in the U.S., said its sales dropped 15 percent in the fiscal first quarter as it dealt with holiday hangover of too many items unsold.

Honeywell's profit and sales were better than expected, and the industrial conglomerate raised its profit projection for the year.

Aviation electronics company Rockwell Collins raised its profit and sales forecasts after its $8.6 billion purchase of former competitor B/E Aerospace.

Citi Investment Research analyst Andrew Kaplowitz said the company had a "generally solid quarter" but didn't bring in as much cash as investors thought it would.

Wholesale gasoline lost 3 cents to $1.64 a gallon and heating oil fell 3 cents to $1.55 a gallon.