November 2, 2017 / 3:02 PM / a year ago

US STOCKS-Wall St slips as investors digest tax bill outline

* Tax bill to be unveiled at 11:15 a.m. ET

* Fed Chair announcement expected at 3 p.m. ET

* Facebook weighs on S&P, Dow

* Tesla slumps after Model 3 delays, biggest-ever qtrly loss

* Indexes down: Dow 0.01 pct, S&P 0.20 pct, Nasdaq 0.14 pct (Adds details, updates prices, changes comment)

By Sruthi Shankar and Tanya Agrawal

Nov 2 (Reuters) - U.S. stocks slipped in late morning trading on Thursday as investors digested a summary of the much-awaited Republican tax-cut bill that called for a range of changes to the tax code.

The bill suggested slashing corporate tax rate to 20 percent from 35 percent and reducing the number of tax brackets for individuals, according to the summary document obtained by Reuters.

The tax bill would be made public at 11:15 a.m. ET (1515 GMT), according to a spokesman for House Speaker Paul Ryan.

“The idea of this plan getting approved is still a long shot,” said Phil Blancato, CEO of Ladenberg Thalmann Asset Management in New York.

“I don’t think the market or most economists think they can get this done. There’s just not enough consensus in the House to move this forward.”

Congress has not succeeded on comprehensive tax changes since 1986, when Republican Ronald Reagan was in the White House and Democrats controlled the House.

President Donald Trump’s campaign promises of tax cuts, higher infrastructure spending and deregulation have helped the S&P gain 20.4 percent since the election.

At 10:42 a.m. ET, the Dow Jones Industrial Average was down 1.3 points, or 0.01 percent, at 23,433.71, the S&P 500 was down 5.4 points, or 0.20 percent, at 2,573.96.

The Nasdaq Composite was down 9.23 points, or 0.14 percent, at 6,707.30.

Nine of the 11 major S&P sectors were lower, with the consumer discretionary sector’s 0.69 percent loss leading the decliners.

Investors are also awaiting Trump’s announcement on the next Federal Reserve chair.

Trump is widely expected to nominate Fed Governor Jerome Powell from a list that includes current Fed Chair Janet Yellen, Stanford University economist John Taylor, former Fed Governor Kevin Warsh and White House economic adviser Gary Cohn.

Powell has broadly supported Yellen’s monetary policy, and in recent years has shared her concern that low inflation justified continuing with a cautious approach to raising interest rates.

Trump will announce his choice at 3:00 p.m. ET (1900 GMT) at the White House, according to his public schedule.

Facebook fell 2.4 percent and was the biggest drag on the S&P and the Nasdaq after the company warned of a surge in expenses next year.

Tesla dipped 7.1 percent after the electric car maker pushed back its target for volume production on its new Model 3 sedan by about three months, and reported its biggest quarterly loss ever.

Newell Brands plunged more than 21 percent after the Sharpie maker cut its full-year profit forecast and reported results below expectations.

Declining issues outnumbered advancers on the NYSE by 1,422 to 1,303. On the Nasdaq, 1,422 issues rose and 1,236 fell. (Reporting by Sruthi Shankar and Tanya Agrawal; Editing by Sriraj Kalluvila)

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