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The Senate’s version of the tax cut bill would generate an additional $407.5 billion in revenue over a decade through economic growth — not nearly enough to compensate for its $1.41 trillion cost, the Joint Committee on Taxation said Thursday. The proposal would lift output by 0.8% over a decade, the JCT said.
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The Dow Jones Industrial Average may be surging toward its biggest price gain in a year, but market internal data suggest the buying is being done in a very calm-and-collected way. The NYSE’s Arms Index, a volume-weighted breadth measure that tends to decline below the equilibrium 1.000 level during market rallies, as the proportion of total volume in advancing stocks to volume in declining stocks is usually higher than the proportion of the number of advancing stocks to the number of declining stocks. But in afternoon trade Thursday, with the Dow up 307 points, or 1.3%, to a record high, the Arms is at a very flat 1.020, suggesting there is no sense of urgency to buy stocks that are rising. On the Nasdaq exchange, there is some scrambling to buy gainers, as the Nasdaq Arms Index was down to 0.657. The Nasdaq Composite was up 0.7%.
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The Congressional Budget Office, ahead of the Dec. 9 expiration of the debt ceiling, said the ability to borrow using extraordinary measures will be exhausted and the Treasury will most likely run out of cash by late March or early April 2018.
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Intel Corp. data-center executive Diane Bryant is leaving the chip maker to join Alphabet Inc.’s Google Cloud unit as chief operating officer. Intel said in a filing with the Securities and Exchange Commission that Bryant would leave the company as of Dec. 1, after signing an agreement about the use of confidential information and solicitation of former Intel employees. In a blog post, Google Cloud’s lead executive, Diane Greene, welcomed Bryant as COO. “Diane’s strategic acumen, technical knowledge and client focus will prove invaluable as we accelerate the scale and reach of Google Cloud,” Greene wrote. Bryant will receive a separation payment of $4.5 million from Intel along with her retirement benefits, Intel disclosed. Intel shares were trading about 2.8% higher in Thursday’s session, while Alphabet stock was down slightly.
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The Organization of the Petroleum Exporting Countries announced on Thursday that it has agreed, along with its non-member allies, to extend its oil production-cut agreement to the end of 2018. At a press conference in Vienna, Saudi Energy Minister Khalid al-Falih said the decision was “unanimous.” He also said that supply from countries who do not participate in the deal “remains a question mark.” OPEC members and some non-member oil producers, led by Russia, pledged late last year to reduce their crude output by roughly 1.8 million barrels a day from October 2016 levels in an effort to drawdown a global stock overhang and rebalance supply and demand. The deal was put into effect in January and was set to expire in March 2018, so the decision Thursday lengthens the cuts by another nine months. Oil prices continued to trade mostly lower after the news, with January West Texas Intermediate crude down 23 cents, or 0.4%, at $57.07 a barrel on the New York Mercantile Exchange and February Brent crude down 16 cents, or 0.3%, at $62.36 a barrel on ICE Futures Europe. In volatile trading ahead of the contract’s expiration at the day’s settlement, January Brent crude rose 29 cents, or 0.5%, to $63.40.
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Axalta Coating Systems Ltd.’s stock was halted for news, after a Nikkei report that Japan’s Nippon Paint Holdings Co. Ltd. was closing in on a bid to buy the coatings company for about $9 billion. Axalta’s stock was down 0.8% prior to the halt. The report in Japan’s Nikkei business daily said Nippon Paint has entered into final negotiations on a tender offer, with the company likely to spend on the scale of 1 trillion yen, or the equivalent of about $8.9 billion at current exchange rates. Axalta’s current market capitalization is $9.1 billion. The stock has rocketed 31% since Axalta reported third-quarter results after the Oct. 26 close, effectively boosting its market cap by $2.2 billion. Axalta’s stock has rallied 37% year to date, while the S&P 500 has climbed 19%. Nippon Paint’s stock has gained 8.3% year to date.
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U.S. stocks rallied on Thursday, advancing in a broad move higher as optimism grew over the prospects for a tax overhaul out of Washington. The Dow Jones Industrial Average rose 1.5%, adding more than 350 points on the day, trading at a record 24,289. The blue-chip average broke above 24,000 for the first time on Thursday. The S&P 500 rose 30 points, or 1.1%, to 2,656, also hitting a record. The Nasdaq Composite Index rose 62 points, or 0.9%, to 6,886. The day’s advance was broad, with all 11 of the primary S&P 500 sectors higher on the day. Financials were among the biggest gainers, up 1.6%, with Goldman Sachs Group Inc. adding 3.5%. Industrial stocks were up 1.7%. Six of the 11 S&P sectors moved up by at least 1%. Optimism was building ahead of a Senate vote on a Republican-backed tax bill, which could take place by Thursday evening. On Wednesday, the Senate voted to open a formal debate on the proposed tax changes.
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Shares of General Electric Co. fell 0.9% in midday trade, reversing an earlier intraday gain of as much as 0.6%, to end yet another down month on a negative note. The stock has lost 9.1% this month, as it headed for the ninth-straight monthly decline. That would be the longest monthly losing streak in decades, as available data on FactSet going back to 1972 showed that the previous longest stretch of monthly declines since then was seven months. The losses come as new Chief Executive John Flannery unveiled his turnaround plan on Nov. 13. In comparison, the Dow Jones Industrial Average is up 3.4% this month, and is headed for an 8-month win streak. GE shares have plunged 38.5% during its current monthly losing streak; during the seven-month losing streak ending February 2009, at the depths of the Great Recession, the stock had plummeted 70.0%. Among Dow components, GE’s stock is the biggest percentage decliner on the day, as well as the biggest decliner on a one-month, three-month, six-month, year-to-date and one-year basis.
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House Minority Leader Nancy Pelosi on Thursday called on Rep. John Conyers, a Democrat from Michigan, to resign given the “credible” allegations of his sexual misconduct. “I pray for Congressman Conyers and his family, and wish them well. However, Congressman Conyers should resign,” Pelosi told reporters. House Speaker Paul Ryan also called on Conyers to step down. A House ethics panel is investigating allegations of sexual harassment against Conyers.
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Secretary of State Rex Tillerson has canceled a speech scheduled for Thursday, after a report the White House is planning to replace him with CIA Director Mike Pompeo. Tillerson has scrapped a speech for 4 p.m. Eastern, according to separate reports. President Donald Trump said “He’s here. Rex is here” when asked at the White House if he wants Tillerson on the job.
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