{"id":116259,"date":"2017-11-10T06:58:18","date_gmt":"2017-11-10T11:58:18","guid":{"rendered":"http:\/\/countingpips.com\/?p=116259"},"modified":"2018-06-01T15:53:26","modified_gmt":"2018-06-01T15:53:26","slug":"us-stocks-retreat-as-senate-unveils-tax-plan","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/11\/us-stocks-retreat-as-senate-unveils-tax-plan\/","title":{"rendered":"US stocks retreat as Senate unveils tax plan"},"content":{"rendered":"
November 10, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

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Dow snaps 7-session winning streak<\/h2>\n<\/div>\n<\/div>\n

US stocks<\/b>\u00a0retreated on Thursday on tax cuts delay possibility. The dollar weakened as the Senate\u2019s tax plan was unveiled: the\u00a0live dollar index<\/a>\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, fell 0.5% to 94.51.\u00a0Dow Jones\u00a0<\/em>industrial average lost 0.4% to 23461.94, snapping seven session win streak. The\u00a0S&P 500\u00a0<\/em>pulled back 0.4% to 2584.62 led by industrial stocks. The\u00a0Nasdaq\u00a0<\/a>composite index dropped 0.6% closing at 6750.05.<\/p>\n

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Treasury yields declined after Senate tax plan details revealed it would delay lowering corporate tax cuts to 20% until 2019 instead of 2018 as proposed by House Republicans. Concerns were alleviated after the House Ways and Committee passed the Republicans\u2019 bill which proposes cutting corporate taxes to 20% from 35%, repeals the estate tax and revises the existing seven tax brackets into four. House Republicans’ bill would increase the deficit by $1.7 trillion over a decade, beyond the $1.5 trillion required to meet Senate rules under the recently passed budget, according to the Congressional Budget Office. In economic news jobless claims rose by 10 thousand to 239 thousand, and a reading on wholesale inventories for September showed a 0.3% gain.<\/p>\n<\/div>\n<\/div>\n

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European stocks pull back on disappointing earnings updates<\/h2>\n<\/div>\n<\/div>\n

European stocks\u00a0<\/b>pulled back on Thursday on weaker than expected earnings updates. Both the\u00a0euro\u00a0<\/em>and\u00a0British Pound\u00a0<\/em>climbed against the dollar. The Stoxx Europe 600 index lost 1.1%. Germany\u2019s\u00a0DAX 30\u00a0<\/a>fell 1.5% to 13182.56. France\u2019s\u00a0CAC 40\u00a0<\/em>ended 1.2% lower and UK\u2019s\u00a0FTSE 100\u00a0<\/em>retreated 0.6% to 7484.10. Indices opened mixed today.<\/p>\n

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Euro was supported by the European Commission estimate the euro-zone economy is on track to grow at its fastest rate in a decade in 2017, bolstered by robust job creation, rising investment and decreasing debt. German statistics agency Destatis\u2019s report German exports and imports declined at the end of the third quarter weighed on DAX index.<\/p>\n<\/div>\n<\/div>\n

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Asian markets slip<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b>\u00a0are mostly lower today as market sentiment was undermined by losses on Wall Street overnight.Nikkei\u00a0<\/em>lost 0.8% to 22681.42 as yen advanced against the dollar. Chinese stocks are mixed: the\u00a0Shanghai Composite Index\u00a0<\/em>is 0.2% higher while Hong Kong\u2019s\u00a0Hang Seng Index\u00a0<\/em>is down 0.1%. Australia\u2019s All Ordinaries Index is down 0.3% as Australian dollar pared previous day gains against the greenback.<\/p>\n

\"HK50\"<\/p>\n

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Oil lower<\/h2>\n<\/div>\n<\/div>\n

Oil futures prices\u00a0<\/b>are edging lower today on rising US output concerns with increases in shale oil production on higher price incentives. Prices rose yesterday on rising geopolitical concerns after a report Saudi Arabia has urged its nationals to leave Lebanon immediately. Brent for January settlement rose 0.7% to end the session at $63.93 a barrel on Thursday.<\/p>\n

Market Analysis provided by IFCMarkets<\/a><\/p>

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Note:
\nThis overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or \u0430 recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.<\/p>\n","protected":false},"excerpt":{"rendered":"

By IFCMarkets Dow snaps 7-session winning streak US stocks\u00a0retreated on Thursday on tax cuts delay possibility. The dollar weakened as the Senate\u2019s tax plan was unveiled: the\u00a0live dollar index\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, fell 0.5% to 94.51.\u00a0Dow Jones\u00a0industrial average lost […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-116259","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116259","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=116259"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116259\/revisions"}],"predecessor-version":[{"id":116268,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116259\/revisions\/116268"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=116259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=116259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=116259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}