U.S. equities are primed for further gains
U.S. equities are primed for further gains as momentum gathered behind a Senate tax vote as early as Thursday, Q3 GDP was revised higher and Fed's Yellen appeared relatively optimistic despite the usual caveats on inflation and asset valuations. This followed Fed Governor Powell's nomination hearings yesterday and evident leanings towards tempering regulation. The Dow is 83-points firmer, S&P gained 2-points and NASDAQ is a point lower in pre-open trade. This followed a 0.49% gain on Japan's Nikkei, a fractional drop on China's CSI 300 and 0.8% rally on Europe's Euro Stoxx 50, while the UK FTSE 100 is 0.5% lower. WTI crude is 0.4% lower near $57.70 bbl after a rash of inconclusive OPEC and Russia headlines on output cut extensions, while the dollar index again marginally firmer near 93.33. Gold plunged to lows of $1,286 after the GDP pop and heavy repeat selling of the futures. Wells Fargo fell after a WSJ report that the OCC is mulling additional action/fines on its auto and mortgage groups. NAR PHSI and Fed's Beige Book are due next, along with Yellen JEC Q&A from 10 ET.