Dow crawled up 14, decliners over advancers better than 4-3 & NAZ gave back 17. The MLP index lost another 1 to 272 (shown in its very weak chart below) & the REIT index was off 1 to 353. Junk bond funds fluctuated & Treasuries inched higher. Oil went up to the 52s & gold fell 5 to 1275.
AMJ (Alerian MLP Index tracking fund)
AMJ (Alerian MLP Index tracking fund)
| CL=F | Crude Oil | 52.13 | +0.29 | +0.6% |
| GC=F | Gold | 1,275.80 | -4.70 | -0.4% |
US stocks rose at the start of a big week for earnings reports, while the euro weakened as Catalan separatists planned their response to Spain Prime Minister Rajoy's moves to stamp his authority on
the region. Candidates for the Fed chief & the odds of US tax
overhaul remain in focus as the $ rose a 2nd day. The
S&P 500 rose for the 7th consecutive session & the Dow also climbed. European
stocks got support from the common currency's slip, even as Spanish
shares underperformed & Asia's session was mixed. In Japan, Shinzo
Abe's election victory sent the Nikkei to the longest winning streak on
record & the ¥ to its weakest in 14 weeks. Europe's bonds were
broadly stronger as Treasuries steadied. West Texas crude fluctuated before rising after OPEC reported record compliance with pledged production cuts.
Brent crude also climbed. Gold fell to its weakest in almost 2 weeks. There’s no shortage of potential catalysts out there for investors this
week, from the election in Japan to the boiling Catalonia crisis &
very different moves towards autonomy in parts of Italy. Central banks also loom large, with a pivotal
ECB meeting due & the possible unveiling of
Pres Trump's pick for Fed chair. Traders will also be
watching US growth data & Trump's efforts to overhaul the tax code.
As Reps inch closer to passing the first comprehensive tax overhaul in nearly 30 years, Pres Trump touted the legislation as a win for middle-class Americans and brushed off concerns that it could contribute to the country's massive debt, which hit $666B. “It’ll be the biggest cuts ever, in the history of this country,” he said. “And I think that there’s tremendous appetite, this tremendous spirit for it, not only by the people we’re dealing with in Congress, but the people out there who want to see something.” Despite concerns that party infighting could cause tax reform to meet the same fate as the GOP's failure to deliver on its 7-year promise to repeal & replace Obamacare, last week the Senate passed its 2018 budget blueprint, paving the way for the House Ways & Means Committee to introduce tax reform legislation. Trump has said that the proposed cuts, which he's said would lower taxes for the middle class & reduce the corp tax rate from 35% to 20%, would provide an additional influx of savings to nearly $5K for the average American family. Speaker of the House Paul Ryan has talked about the possibility of the creation of a 4th tax bracket. The GOP initially had planned to collapse the existing 7 income brackets into 3 -- at 12%, 25% & 35% individual rates. A 4th bracket, experts anticipated, would likely fall somewhere 35% & 39.6%. Dems, led by Minority Leader Sen Chuck Schumer derided this plan as cuts for the wealthy. Now, the GOP is considering adding a 4th bracket for high-income earners, possibly in order to ensure that the legislation passes. “Here’s the thing,” Trump said. “Schumer -- I like Schumer -- but before he even knows the plan he’ll say ‘Oh, this is for the rich,’ so he doesn’t even know what the plan is. And he’s screaming for the rich.” If adding an additional bracket would help middle-class Americans, Trump said he would consider it -although he said he’d “rather not” have to do so.
Cisco (CSCO), a Dow stock, will buy US telecommunications software company BroadSoft (BSFT) in a deal valued at $1.9 B, as the world's largest networking gear producer shifts from its stagnating legacy business of switches & routers. CSCO is offering $55 per share, which represents a premium of 2% to the last close for BSFT. The deal will give CSCO a stronger foothold in selling unified communications software to big telecommunications firms. The deal is expected to close during Q1-2018. BSFT provides software & services that enable mobile, fixed-line & cable service providers to offer unified communications over their internet protocol networks. CSCO, like other legacy technology firms, has been focusing on high-growth areas such as security, the Internet of Things & cloud computing. This be the company's 2nd major acquisition in 2017 following the $3.7B acquisition of privately-held AppDynamics in Mar. CSCO stock went up 23¢ & BSFT added 75¢ to 54.65..
If you would like to learn more about CSCO, click on this link:
club.ino.com/trend/analysis/stock/CSCO?a_aid=CD3289&a_bid=6ae5b6f7
Stocks are meandering. There is plenty of talk about a new tax bill, but at this stage it means little. Earnings reports should dominate news this week along with the goings on the intl scene. The popular stock averages are around record highs & have charts that look very strong.
Dow Jones Industrials
U.S. Stocks Climb at Start of Big Earnings Week: Markets Wrap
As Reps inch closer to passing the first comprehensive tax overhaul in nearly 30 years, Pres Trump touted the legislation as a win for middle-class Americans and brushed off concerns that it could contribute to the country's massive debt, which hit $666B. “It’ll be the biggest cuts ever, in the history of this country,” he said. “And I think that there’s tremendous appetite, this tremendous spirit for it, not only by the people we’re dealing with in Congress, but the people out there who want to see something.” Despite concerns that party infighting could cause tax reform to meet the same fate as the GOP's failure to deliver on its 7-year promise to repeal & replace Obamacare, last week the Senate passed its 2018 budget blueprint, paving the way for the House Ways & Means Committee to introduce tax reform legislation. Trump has said that the proposed cuts, which he's said would lower taxes for the middle class & reduce the corp tax rate from 35% to 20%, would provide an additional influx of savings to nearly $5K for the average American family. Speaker of the House Paul Ryan has talked about the possibility of the creation of a 4th tax bracket. The GOP initially had planned to collapse the existing 7 income brackets into 3 -- at 12%, 25% & 35% individual rates. A 4th bracket, experts anticipated, would likely fall somewhere 35% & 39.6%. Dems, led by Minority Leader Sen Chuck Schumer derided this plan as cuts for the wealthy. Now, the GOP is considering adding a 4th bracket for high-income earners, possibly in order to ensure that the legislation passes. “Here’s the thing,” Trump said. “Schumer -- I like Schumer -- but before he even knows the plan he’ll say ‘Oh, this is for the rich,’ so he doesn’t even know what the plan is. And he’s screaming for the rich.” If adding an additional bracket would help middle-class Americans, Trump said he would consider it -although he said he’d “rather not” have to do so.
Trump touts GOP's tax reform plan as 'biggest' cuts for America
Cisco (CSCO), a Dow stock, will buy US telecommunications software company BroadSoft (BSFT) in a deal valued at $1.9 B, as the world's largest networking gear producer shifts from its stagnating legacy business of switches & routers. CSCO is offering $55 per share, which represents a premium of 2% to the last close for BSFT. The deal will give CSCO a stronger foothold in selling unified communications software to big telecommunications firms. The deal is expected to close during Q1-2018. BSFT provides software & services that enable mobile, fixed-line & cable service providers to offer unified communications over their internet protocol networks. CSCO, like other legacy technology firms, has been focusing on high-growth areas such as security, the Internet of Things & cloud computing. This be the company's 2nd major acquisition in 2017 following the $3.7B acquisition of privately-held AppDynamics in Mar. CSCO stock went up 23¢ & BSFT added 75¢ to 54.65..
If you would like to learn more about CSCO, click on this link:
club.ino.com/trend/analysis/stock/CSCO?a_aid=CD3289&a_bid=6ae5b6f7
Cisco to buy BroadSoft in $1.9 billion deal
Stocks are meandering. There is plenty of talk about a new tax bill, but at this stage it means little. Earnings reports should dominate news this week along with the goings on the intl scene. The popular stock averages are around record highs & have charts that look very strong.
Dow Jones Industrials
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