As US third quarter earnings enter the home stretch, strong results from key multinationals helped the Dow reverse higher from a recent losing streak. Wal-Mart posted better-than-expected third quarter earnings and revenue, sending shares 11.00% upwards to a record high. In addition, Cisco earnings and revenue easily topped Wall Street estimates amidst robust sales of software applications, causing shares to pop 5.20%. Apart from earnings, the US House reached a milestone on Thursday after passing a bill aimed at overhauling the country’s tax code. If the bill materializes into law, it would immediately reduce the corporate tax rate to 20.00% from the existing 35.00%. Expectations of tax reforms had helped US stocks scale all-time highs recently. However, before Thursday's rebound, major equity benchmarks declined amid investor concerns about the form of tax reform. Dow futures are trending mostly flat near 23415 following the prior session’s rally back above 23400.
US House of Representatives Passes GOP Tax Cut Bill
Daily Analysis - 17/11/2017