STOCKS SLIP: Here's what you need to know

Phil Walter/Getty Images

US stocks fell amid mounting worry that the GOP tax bill will struggle to pass the Senate.

The S&P 500 slipped 0.4%, while the Dow Jones Industrial Average lost 0.3% and the more tech-heavy Nasdaq 100 declined 0.3%.

First up, the scoreboard:

  • Dow: 24,508.66, -76.77, (-0.31%)
  • S&P 500: 2,652.01, -10.84, (-0.41%)
  • Nasdaq: 6,856.53, -19.27, (-0.28%)
  • US 10-year yield: 2.35%, -0.00
  • WTI crude oil: $US57.14, +$US0.54, +0.95%

1. Disney will officially buy 21st Century Fox’s film and TV assets for $US52.4 billion. Fox shareholders will receive 0.2745 Disney shares for each unit of Fox stock they own. Disney also announced that it would buy back $US10 billion of stock to offset the share dilution from the deal.

2. How you feel about Trump’s economy probably depends on whether you own stocks. A survey conducted by Public Policy Polling shows that economic sentiment is much higher for voters that own stocks currently.

3. Ripple’s XRP overtakes bitcoin cash as 3rd largest cryptocurrency. It’s surged more than 75% over the past 24 hours, propelling it to a market cap of $US32.029 billion, trailing only bitcoin and Ethereum.

4. One group of traders has risen to dominate bitcoin trading. Japanese men in their 30s and 40s are the biggest drivers of the bitcoin boom, according to Deutsche Bank.

5. The Fed could pump the breaks on bitcoin’s 1,500% rally. Don Ross, the CEO of CODA Markets, a Chicago-based dark pool, thinks further rate hikes could pump the breaks on the cryptocurrency’s rally.


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