NEW YORK >> U.S. stocks are mixed today as investors pore over House Republicans’ tax proposals as well as a disappointing round of company results. Smaller-companies are rising as investors anticipate those companies will get a tax cut, while homebuilders are down because the plan would reduce the amount of interest Americans can deduct on new mortgages. President Donald Trump is scheduled to announce his choice for Federal Reserve chair soon.

KEEPING SCORE: The Standard & Poor’s 500 index fell 4 points, or 0.2 percent, to 2,575 as of 1:40 p.m. Eastern time. The Dow Jones industrial average added 22 points, or 0.1 percent, to 23,457. The Nasdaq composite sank 13 points, or 0.2 percent, to 6,702.

TAX REAX: The House tax plan would temporarily cut the top corporate tax rate to 20 percent from 35 percent. Investors have long felt that would be a boon to smaller U.S. companies because they tend to pay taxes at higher rates than larger firms that do more business overseas. The Russell 2000 index of smaller-company stocks picked up 1 point, or 0.1 percent, to 1,494.

The bill would also reduce the widely-used deduction for mortgage interest for new home loans. It would cap the deduction for mortgage interest at $500,000, half the current limit of $1 million. That change would apply only to new loans and it could affect sales.

Lennar fell $1.29, or 2.3 percent, to $55.67 and Toll Brothers sank $2.13, or 4.6 percent, to $43.50.

TAX PROPOSAL: The GOP tax plan would also double the standard deduction used by most families to $12,000 for individuals and $24,000 for families, and it would increase the child tax credit. Only households that make more than $1 million a year, rather than $470,000, would pay the top individual tax rate of 39.6 percent. The deduction for state income taxes would be eliminated and a deduction for local property taxes would be reined in.

The plan may go through significant changes before it can pass the House, and Republicans have a smaller majority in the Senate.

EARNINGS: Financial companies climbed after several companies posted better-than-expected results for the latest quarter. Intercontinental Exchange, which owns the New York Stock Exchange, gained $2.88, or 4.3 percent, to $69.10 and insurer Allstate advanced $3.47, or 3.7 percent, to $97.73.

While Facebook had a better quarter than Wall Street expected, the stock dipped $3.80, or 2.1 percent, to $178.86 after some big recent gains. It’s up 56 percent this year. Security software maker FireEye lost $1.54, or 9.4 percent, to $14.83 after its estimates for sales and billings disappointed investors.

FEARFUL FORECASTS: Several notable companies plunged after they cut their annual estimates. Sharpie and Rubbermaid maker Newell Brands said its third-quarter results were hurt by the bankruptcy of a retail partner, lost earnings from its former winter sports businesses, and higher costs. The stock tumbled $10.88, or 26.5 percent, to $30.12. Underwear, t-shirt and sock maker Hanesbrands lost $2.09, or 9.5 percent, to $19.92 after it cut its forecasts. Those contributed to sharp losses for consumer-focused companies.

Generic drugmaker Teva Pharmaceuticals hit its lowest price since 2000. The company said generic drug sales dropped 8 percent, partly because Teva and its peers are being hurt by falling prices for those medications. Teva stock sank $2.38, or 17 percent, to $11.64.

Security software company Symantec slid $3.15, or 9.8 percent, to $29.01.

FED HEAD: President Donald Trump plans to announce his choice for Federal Reserve chair Thursday afternoon. He’s expected to pick Fed Governor Jerome “Jay” Powell to replace current Chair Janet Yellen, whose term ends in February. Powell is generally seen as favoring lower interest rates than other top candidates, similar to Yellen. Investors generally expect him to keep raising rates at the gradual pace the Fed has maintained over the last few years.

Mona Mahajan, U.S. investment strategist for Allianz Global Investors, said that Powell and Trump want to reduce regulations on banks that were imposed after the 2008-09 financial crisis. Trump’s first Federal Reserve appointment, Randy Quarles, was approved last month, and Mahajan noted that three more Federal Reserve spots are open because of some early retirements and positions that Senate Republicans blocked President Barack Obama from filling. Trump can fill a total of five of the seven Fed spots, which gives him an opportunity to pick several more policymakers who support his goals.

“He has a really unprecedented opportunity to shape the Fed like none other,” she said.

OIL: Benchmark U.S. crude rose 10 cents to $54.40 a barrel in New York. Brent crude, the international standard, added 12 cents to $60.61 per barrel in London.

BONDS: Bond prices rose. The yield on the 10-year Treasury note declined to 2.35 percent from 2.37 percent. The yield on the 2-year note fell to 1.61 percent from 1.62 percent.

CURRENCIES: The dollar slipped to 114.15 yen from 114.22 yen. The euro rose to $1.1661 from $1.1620.

OVERSEAS: The Bank of England raised interest rates for the first time in a decade. The pound fell as investors felt rates won’t go up again soon, and the British FTSE 100 index rose 0.9 percent. Germany’s DAX fell 0.3 percent and the CAC 40 in France declined 0.1 percent. Tokyo’s Nikkei 225 gained 0.5 percent and the South Korean Kospi fell 0.4 percent while Hong Kong’s Hang Seng index shed 0.3 percent.