US stocks rose, hitting another record high, as investors continue to price in the impact of tax cuts ahead of corporate earnings season, which starts later this week.
The S&P 500 rose 0.2%, while the Dow Jones Industrial Average climbed 0.5% and the more tech-heavy Nasdaq 100 increased 0.2%.
First up, the scoreboard:
- Dow: 25,403.47, +102.47, (+0.48%)
- S&P 500: 2,753.55, +3.58, (+0.21%)
- Nasdaq: 7,163.58, +6.19, (+0.16%)
- US 10-year yield: 2.55%, +0.07
- WTI crude oil: $US62.89, +$US1.16, +1.88%
1. Goldman Sachs identifies two areas of tax reform could throw investors for a loop this earnings season. They include required corporate write-downs of deferred tax items, and the more than $US275 billion in taxes S&P 500 companies will owe on previous overseas cash and earnings.
2. Jamie Dimon regrets calling bitcoin a ‘fraud.’ But he added that he’s still not interested in the cryptocurrency at all, speaking to Fox Business on Tuesday.
3. HSBC outlines how to make a killing by betting on the rise of artificial intelligence. The firm has identified three primary categories – areas that focus on the hardware components and technology needed to support AI.
4. Fed officials are scrambling to figure out how to fight the next recession. Yet instead of focusing on tried and true policy measures like low interest rates and possibly bond buys, Fed officials current and former appear focused instead on broad shifts in the policy framework.
5. Credit Suisse says there’s been a ‘fundamental shift’ in how investors view the stock market’s relentless rally. As the S&P 500 has risen, investors have positioned themselves to profit from new highs by demanding more call options.
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