The US House of Representatives is scheduled to vote Thursday on the Republican-endorsed American Health Care Act. Despite the backing of President Trump, it is still unclear whether the House or the Senate will uphold the bill. The Trump Administration was hoping to lay a major tax reform package before Congress by August, however, if the healthcare bill is derailed, the pro-growth agenda of the President is likely to face a major setback.
Investors are now forecasting that equity markets are ripe for a pullback. A whopping 81.00% of fund managers polled in a recent Bank of America Merrill Lynch's survey said US equities were the most overvalued in the world right now. Meanwhile, Dow futures are extending Tuesday’s losses, sliding back below the 20,600 level as selling pressure remains.