The US stocks saw an incremental decline later in a Wednesday market after the tax cut announcement was made public by US President Donald Trump, overshadowing earlier gains on earnings season. On the other hand, Wall Street stocks saw better opportunities today as positive figures are showing across all borders.
Trump’s Tax Plan
The tax cut by the new administration is looking to ax tax rates for business and on overseas corporate profits returned to the country. Along with its lines, a proposal shines above others as it looks to include a cut on-so-called pass-through business taxes that have the potential to deliver a windfall for investors in Master Limited Plans.
The most striking change the new administration brings was confirmed by US Treasury Secretary Steven Mnuchin that the tax plan will be tagging along with another 15% corporate tax rate. According to the treasurer, the new tax plan is aimed at smaller businesses, helping them with the tax cuts. On a note by Accendo Markets, they said that “Nice ideas, but far from a done deal, merely adding to investor frustration about the lack of progress on all those election pledges that helped fuel risk appetite and market to recent highs.”
Stocks Bolsters on Earnings Season
The Dow Jones Industrial, which lost 21 points or 0.1 percent just before yesterday’s market closes, saw an increase of around 35 points at 0.2% to 20,942, while the S&P 500 was up further 3.55 points or 0.2$ to 2,386 following its positive Wednesday earnings. On the other hand, futures for Nasdaq-100 were also inched higher today with gains around 12 points or 0.2% to 5,548.50.
On the other hand, Ford Motor Co. was up by as much as 1.6% after the positive figures from the automobile producer’s, earnings and revenue were ahead of Wall Street’s forecasts. Dow Chemical Co also forwards with the earnings beat, making its shares climb a total of 1.4%. Bristol-Myers Squibb Co. also runs past forecasts, making shares skyrocket with 2.9% increase.
More Stocks to Follow on Earnings Season
The famous social media platform Twitter also saw a good run as the company’s quarter progress are better-than-expected, and a total of 9 million new monthly active users were tallied for the company in the same period. The Chipotle Mexican Grill was also on a greener grass as it reports first increase in a key sales metric after a year, its shares follow increasing by as much as 2.4%.
While consumer giant Under Armor also posted better shares as it increased by 7.6%, although quarterly progress was weaker than expected. Southwest Airlines Co. also posted a weaker-than-expected quarterly performance making its shares dwindle by 4.5% in the premarket trading, and
for your round-the-clock market update! We provide you with the latest news surrounding Forex, commodities, automobile, consumer, financial, economy, and technology. Never miss any news beat! Subscribe now!