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A broad gauge of US equities fell on Tuesday for the fourth day in a row, marking the longest stretch of losses since before the election in the latest sign of pressure on the Trump trade.

The S&P 500 index slipped 0.1 per cent to 2,278.9, down from a record closing high of 2,298.4 hit last Wednesday.

While the decline for equities has been mild in comparison to the sharp gains they posted after Donald Trump’s unexpected victory in November, there have been some indications that the momentum may be fading.

Energy, materials, industrials and financial sectors – all seen as potential beneficiaries of Mr Trump’s growth-focused policy initiatives – have led the decline. Meanwhile, utilities, a group that tends to be in vogue during tougher economic times, have been the biggest gainer.

Despite the recent tick lower, the S&P 500 posted its first January rise since 2013.

The US dollar has also reversed course, falling 2.5 per cent against six world currencies in January after three straight months of increases.

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