U.S. equities are above lows after tax cut news
U.S. equities are above lows after tax cut news that Senator Ron Johnson has been persuaded to vote "yes" by changes in the pass-through components of the bill. Stocks had stumbled in futures trade overnight after the negotiations broke off yesterday without a deal and another attempt for a vote starting at 11 ET was confirmed. The Dow is 6-points firmer, S&P sank 2-points and NASDAQ is off 28-points in pre-open action, above overnight lows. Senator McCain jumping into the "yea" camp late yesterday contributed to the sharp rally then. Yet NY Fed's Dudley in a WSJ interview warned against adding fiscal stimulus to the economy at this time, however, given that the economy was close to full employment. Stocks were mixed overseas, with Japan's N-225 up 0.4% and China's CSI 300 down 0.2% in Asia after a mixed rash of data, while in Europe the UK FTSE 100 rebounded 0.25%, but the other major bourses are off 0.3-0.4%. VMWare rallied 2.5% after boosting earnings, Blue Apron surged 8% after its CEO was replaced by its CFO, and Ulta Beauty sank 5% after an earnings miss. WTI crude is back near $58 after the OPEC deal. ISM, construction and auto sales are on tap.