Original Link | RockwellTrading by Markus Heitkoetter
Stocks woke up in a big way today.
After closing at record highs yesterday, stocks dropped and the major indices were down as much as 1.0%.
Although the DOW finished the day with a triple-digit loss, a rally in the afternoon helped erase more than half of the day’s early slide.
Profit taking and tax reform concerns seemed to be the real triggers behind today’s drop.
Today, the Senate unveiled their version of the GOP’s tax reform plan. And there are some key differences between the Senate’s version and the plan that the House put forth. One of these differences is a one year delay in cutting the corporate tax rate from 35% to 20%.
There was hope that a tax plan could be passed before Thanksgiving. But after seeing the Senate’s plan, there are concerns over politicians being able to reach a quick compromise.
The VIX (aka Fear Index) jumped to 2-week highs after today’s drop and finished 7.4% higher.
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Here’s where the major indices ended the day:
- The S&P finished 0.4% lower. Down 10 points, the S&P ended at 2,585.
- The DOW ended with a 0.4% loss. Losing 101 points, the DOW closed at 23,462.
- The NASDAQ was down 0.6%. With a 39 point drop, the NASDAQ finished at 6,750.
Crude Oil (CL) continues to trade around the $57 mark. A morning rally lifted CL as high as $57.53. But in the end, Crude Oil finished with a 0.6% gain at $57.13 a barrel.
Macy’s (M) jumped 10.9% and Kohl’s (KSS) finished 0.4% after earnings came in “not as bad” as expected.
In after-hours trading, Disney (DIS) and Nvidia (NVDA) are chopping around as traders digest earnings. Disney missed on top and bottom, while Nvidia crushed both.
Tomorrow is a bank holiday, but the major exchanges are open. Looking at the economic calendar, we have Preliminary Consumer Sentiment at 10:00am ET. And on the earnings side, JC Penney (JCP) will report results tomorrow before the open
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