Stocks traded well into the red on Tuesday, retreating from their record highs.
All three major indexes were in the red, with the tech-heavy Nasdaq leading the losses on a day packed with policy speak both monetary and fiscal.
We’ve got all the headlines, but firs,t the scoreboard:
- Dow: 21,470.78 -58.21, (-0.27%)
- S&P 500: 2,437.95, -15.63, (-0.65%)
- Nasdaq: 6,190.68, -48.07, (-0.76%)
- US 10-year yield: 2.150%, -0.040
- WTI crude oil: $US43.34, -0.86, -1.95%
- Oil tumbled to its lowest level in seven months. The fall came after news that supply in several key producers was higher than expected. Increases in places like Libya and Nigeria have drawn concern of continued over-supply.
- Amazon announced its new Wardrobe service. The new service will ship a box of clothes curated by hand to the customer, allowing them to try clothes before purchase. It will be free to Prime subscribers and is in a small pilot program. After jumping over 0.8% at the open, the online retailer’s stock finished slightly in the red.
- Paul Ryan said the GOP’s tax reform bill will be passed by the end of the year. While Ryan did not offer any new details on the plan to slash corporate and personal taxes, he reiterated Republicans’ commitment to seeing the bill through this year. Tax cuts have long been the number one policy goal of Wall Street as it is likely to boost corporate profits.
- The Senate GOP will debut their healthcare bill on Thursday. Senate Majority Leader Mitch McConnell confirmed rumours of the release on Thursday and said he expects a vote as soon as next week. The healthcare bill has been the focus of Trump’s legislative agenda so far.
- The Whole Foods CEO revealed how the Amazon-Whole Foods merger came to be. In a town hall meeting the day the deal was announced, Whole Foods CEO John Mackey shed light on how the deal went down using a series of dating analogies.