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20Dec2017 Market Update: Wall Street Rally Stalls As Tax Bill Clears Congress, WTI Crude Higher And The US Dollar Index Trends Lower

Written by Gary

US equities markets main indexes are fractionally higher (SPY +0.1%) after the Senate approves tax overhaul, sends it back to House.


Here is the current market situation from CNN Money

North and South American markets are mixed today. The Bovespa is up 0.82% while the S&P 500 gains 0.10%. The IPC is off 0.19%.

Traders Corner - Health of the Market

What Is Moving the Markets

Here are the headlines moving the markets.

Wall Street rally stalls as tax bill clears Congress

(Reuters) - Wall Street's main indexes were flat on Wednesday, taking a breather after a month-long rally and as U.S. Treasury yields rose as a bill to cut $1.5 trillion in taxes progressed toward the finish line.

Uber dealt blow after EU court classifies it as transport service

LUXEMBOURG (Reuters) - Uber [UBER.UL] should be classified as a transport service and regulated like other taxi operators, the European Union's top court said in a landmark ruling on Wednesday that could impact other online businesses in Europe.

U.S. home sales hit 11-year high, supply still tight

WASHINGTON (Reuters) - U.S. home sales increased more than expected in November, hitting their highest level in nearly 11 years, the latest indication that housing was regaining momentum after almost stalling this year.

Three months that shook Ryanair: How cancellations sparked a pilot revolt

DUBLIN (Reuters) - Within hours of the news on Sept. 15 that thousands of Ryanair flights had been canceled in Europe, pilots' WhatsApp groups exploded with pent-up frustration.

With small caps, best to be choosy after U.S. tax overhaul

NEW YORK (Reuters) - Investors have seen small-cap stocks as having the most to gain from a tax code overhaul ever since the 2016 U.S. election, but with a bill on the brink of Congress approval, analysts warned not all small names will benefit equally.

Amazon's allure may be tough to top this holiday: poll

CHICAGO/NEW YORK (Reuters) - More U.S. online shoppers plan to give Amazon.com Inc the bulk of their holiday business this year than in previous years, according to a Reuters/Ipsos opinion poll, despite costly efforts by traditional retailers to attract customers to their websites.

JPMorgan Chase powers up robo-adviser for fintech race

NEW YORK (Reuters) - JPMorgan Chase & Co is powering up a lower-cost computerized investment management tool this week and plans to offer the robo-adviser to some clients next March and on a wide scale in the middle of the year.

Chipotle restaurant under investigation after illness scare: Report

(Reuters) - Shares of Chipotle Mexican Grill Inc fell as much as 3.3 percent after a report that public health officials are investigating a possible illness outbreak in one of the company's restaurant in Los Angeles.

Thyssenkrupp shareholders get impatient for change

DUESSELDORF/FRANKFURT (Reuters) - Some investors in German industrial conglomerate Thyssenkrupp are becoming impatient with the pace of its restructuring, putting pressure on Chief Executive Heinrich Hiesinger to fix underperforming units and revive its flagging share price.

Micron Calms Fears of Memory Chip Downturn

If nothing else, Micron's latest earnings report should allow nervous chip investors to enjoy their holiday in peace.

The One Tax Change That Really Bites Businesses

The tax rules on deductibility of interest payments will change longstanding rules for corporate finance and hurt profits in some businesses.

A Massive Margin Loan That Went Really Wrong for Banks

Steinhoff International's share collapse shows the dangers for banks in the fast-growing stock-based lending business.

November 2017 Headline Existing Home Growth Improves

Written by Steven Hansen

The headline existing home sales growth improved with the authors saying "home sales in most of the country expanded at a tremendous clip in November". Our analysis of the unadjusted data somewhat disagrees with the headline data.

The Wall Street Journal: North Korea is suspected in the robbery of a Seoul bitcoin exchange

Investigators in South Korea are looking into North Korea's possible involvement in a heist from bitcoin exchange Youbit that collapsed.

Tax Guy: 10 things you need to know about the new tax law

What has changed — and what hasn't.

Rex Nutting: Donald Trump builds the best swamps, and here's how he's done it

Donald Trump promised to drain the swamp of corruption. Instead, he's replenished the swamp with the most corrupt administration in history, writes Rex Nutting.

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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