Morning Notes

22/12/2017 Argonaut Morning Note

Shares of banks and energy firms surged intraday, putting major indexes on track to snap a two-day losing streak. Recent pledges from several companies-including banks and telecommunications firms-to share the benefits of Republicans' tax cuts with their employees helped investors overcome concerns around how much of the tax bill had already been priced into the market this year, money managers said. The S&P 500 is up 20% this year, with gains partly driven by the expectations of lower taxes.

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21/12/2017 Argonaut Morning Note

U.S. stocks wobbled between small gains and losses Wednesday after Congress passed the largest overhaul of the U.S. tax system in three decades. Wednesday's pause came as investors debated how much of the bill has already been priced into markets and what impact the changes will have on the economy. U.S. stocks have climbed to record highs recently, in part on expectations that the bill will boost corporate profits, particularly among banks and retailers, which tend to pay a higher effective tax rate.

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20/12/2017 Argonaut Morning Note

Declining shares of technology companies caused major indexes to wobble Tuesday, even as Republicans advanced their sweeping rewrite of the U.S. tax code. After two consecutive sessions of gains for all three major indexes, investors paused Tuesday as House Republicans voted to approve the latest version of the overhaul as expected. The bill has already sent shares higher in recent sessions, building on the momentum stocks have enjoyed from another strong quarter of earnings and an expanding U.S. economy.

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19/12/2017 Argonaut Morning Note

U.S. stocks climbed toward new closing highs Monday, building on the previous week's gains, as investors extended bets on lawmakers pushing through a major tax overhaul. Stock prices recently have been moving in line with the likelihood of a Republican tax plan being signed into law. Deals with wavering lawmakers late last week left Republicans ready to pass their bill as soon as Tuesday and send it to President Donald Trump's desk for his signature.

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18/12/2017 Argonaut Morning Note

U.S. stocks rose Friday alongside expectations that a tax-overhaul plan will pass, likely boosting profits for many U.S. companies. As the odds for passage of a tax overhaul have risen and fallen, so have stocks. U.S. stocks edged slightly lower on Thursday as several Republican senators, including Marco Rubio, expressed last-minute doubts about the plan. On Friday, some changes were made to the bill in what appeared to be last-minute concessions to some dissenters, and stocks jumped higher. The promise of changes to corporate taxes is a high-profile priority for Republicans, and some traders said it seems likely a compromise will pass before the end of the year.

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