Morning Notes

06/12/2017 Argonaut Morning Note

U.S. stocks pulled back Tuesday afternoon, even as shares of technology companies rose following losses in recent sessions. Investors were cautious as Republicans were set to try to reconcile the Senate's version of the tax bill with the House's -- a task lawmakers hope to complete by Christmas. The end of the third-quarter earnings season, along with few new developments on the legislative front, has left money managers with little else to act on, some analysts and investors said.

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05/12/2017 Argonaut Morning Note

The Dow Jones Industrial Average jumped after the Senate passed a tax bill over the weekend, setting the stage for lawmakers to attempt to push a final bill to the White House before Christmas. The blue-chip index rose 0.6%, heading toward a record close. The S&P 500 added 0.3%, and the Nasdaq Composite slipped 0.5% as technology stocks pulled back. Investors dumped assets that many consider havens, such as U.S. Treasurys and gold, while lifting the dollar. The Senate passed revisions to the U.S. tax code Saturday after Republicans overcame internal divisions, moving one step closer to pushing through $1.4 trillion in tax cuts.

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04/12/2017 Argonaut Morning Note

The Dow Jones Industrial Average tumbled 350 points Friday morning before making most of that back, as investors grappled with a new development in the Russian investigation and further progress on the GOP tax plan. By the end of the day, major indexes suffered modest losses in the most turbulent day of the year for the Dow. The blue-chip index's trading range was roughly 400 points, the widest since June 24, 2016, the day after the Brexit vote. As Friday's stock selling accelerated, investors piled into assets that many consider havens.

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01/12/2017 Argonaut Morning Note

Shares of financial firms surged intraday, sending the Dow Jones Industrial Average above 24000 for the first time. The Dow industrials was up more than 300 points in recent trading, its biggest gain since March. Shares of financial firms led major indexes higher, as investors closely watched Republicans' progress on the tax overhaul plan. Analysts say banks are among the stocks that would benefit from the plan's proposed corporate tax cut since they tend to pay a relatively high tax rate.

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30/11/2017 Argonaut Morning Note

The two biggest slices of the S&P 500-technology companies and financial firms-played tug-of-war with the broader index Wednesday. Banks have led stocks higher this week, with investors saying the sector is benefiting from robust economic growth around the world, gradually rising interest rates and the prospect of tax cuts. The S&P 500's financial sector hit its highest level of the year Wednesday. At the same time, investors pulled back from tech companies, which have gotten pricier as they have fuelled this year's run-up in stocks.

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