U.S. equities are back in the red
U.S. equities are back in the red again after the Senate tax cut plan revealed late yesterday confirmed the 1-year corporate tax cut delay mooted in the press all week and other glaring differences with the more generous House plan. That has halted investors in their tracks, as the two plans will ultimately have to be reconciled and meet more onerous Senate budgetary constraints. Curiously, global bonds also sold off, as the asset markets remain uneasy. The Dow is 34-points lower, S&P sank 7-points and NASDAQ is off 16-points in pre-open action, somewhat above earlier lows. The news weighed on stocks globally overnight as well, as Asia mostly declined with the Nikkei off 0.8%, though China's CSI 300 rallied 0.8% on news of more liberal foreign investment rules. In Europe, the Euro Stoxx 50 is 0.17% lower, while the UK FTSE 100 is off 0.47% and the German DAX roughly flat. The dollar index is just a hair lower near 94.45, gold eased to $1,283 and crude oil steadied near $57.20. Nvidia surged 5% after a revenue beat and Hertz Global surged 10% after firmer net profits. U. Michigan sentiment is expected to remain firm, while the Treasury budget gap may widen later.