Stocks once again ticked their way up to all-time highs.
First up, the scoreboard:
- Dow: 22,635.28, +77.68, (+0.36%)
- S&P 500: 2,532.56, +3.44, (+0.19%)
- Nasdaq: 6,525.77, +9.12, (+0.16%)
- US dollar index: 93.58 (+0.02%)
- US 10-year yield: 2.334, -0.003
1.Warren Buffett said the GOP tax plan is “not a tax-reform act, it’s a tax-cut act,” and chances of it passing are “higher than most people think” in an interview with CNBC. Buffett has been an outspoken advocate for changes in the tax code, most famously for claiming that his secretary pays a higher tax rate than he does, despite his massive wealth.
2. Congress slammed the ex-CEO of Equifax during his hearing before the House Energy Committee. “I worry that your job today is about damage control: to put a happy face on your firm’s disgraceful actions and then depart with a golden parachute,” said Rep. Ben Ray Lujan, D-NM, before Smith’s opening remarks. “Unfortunately, if fraudsters destroy my constituents’ savings and financial futures, there’s no golden parachute awaiting them.”
3. The Big 3 carmakers crushed sales expectations after a slowdown caused by Hurricane Harvey. The Detroit Big Three — Ford, GM, and Fiat Chrysler — topped analysts’ forecasts, with Fiat Chrysler reporting a decline that was less than expected.
4. Speaking of GM, the company hit its highest price ever after going all in on electric cars. The stock was trading as high as $US43.70 on Tuesday after the company announced it would be focusing all its efforts on electric cars. GM company hopes to be making 20 fully electric car models by 2023.
5. Traders are making record bets against AMD. Short interest, or bets that the semiconductor manufacturer’s stock price will fall, rose to an all-time high this week, according to the financial-analytics provider S3 Partners. The count of shares sold short rose to 159 million, or an estimated 18% of those available for trading.
6. Traders betting against Tesla are finally making millions. Through Monday, short selling investors had made $US72 million over a two-week period as Tesla’s stock plunged 11%, putting a dent in a massive year-to-date gain that totaled 80% at its peak, according to data compiled by the financial-analytics firm S3 Partners. Their mark-to-market profit is even bigger over the past month, totaling $US160 million, according to the data.
7. Elizabeth Warren tells Wells Fargo’s CEO, “You should be fired.” Warren said during a hearing on Tuesday, in which current CEO Tim Sloan was in attendance, that despite former CEO John Stumpf stepping down, she did not think that the bank did enough to mitigate the practices regarding fake accounts and failed to make things right in the year since the scandal surfaced.
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