What you need to know on Wall Street today
Nov 2, 2017, 22:35 IST
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House GOP leaders on Thursday took their biggest step yet in their attempt to overhaul the US tax code by releasing legislation that proposes sweeping changes to the current system. Here's what you need to know:
- HERE IT IS: The giant Republican tax reform bill
- TRUMP: The tax bill is "the rocket fuel our economy needs to soar higher than ever before"
- Trump's tax plan could lead to billions of dollars flooding back to the US
- The companies most likely to benefit from the GOP tax plan are surging
- Homebuilders tank as the GOP's tax plan caps a big benefit for homeowners
- Realtors are worried that the GOP's tax plan could slump the housing market
- Homebuilders come out swinging against the GOP's tax plan
- A part of the new GOP tax plan will be a tough sell for Republicans in New Jersey, New York, and California
- The GOP's tax plan could make it harder to get tax deductions for medical expenses
- Some colleges have billion-dollar endowments - and now the GOP wants to tax them for it
- DA COSTA: Democrats are rolling out an old and flimsy argument against tax cuts
- BARRO: Tax reform was possible in 1986, but Republicans aren't following the same playbook that worked then
- The investment chief at the world's first tax-reform ETF told us how to trade Trump's plan
President Donald Trump is expected to appoint Jerome Powell, a Federal Reserve board governor who previously worked as a private-equity executive, as Fed chair, replacing Janet Yellen.
- It looks like Trump has made the safe choice for Fed chair - and Wall Street will love it
- The next Federal Reserve chair has a far more difficult job than Yellen did
- The Fed has a forgotten role - and it will be critical in getting the US economy "running on all cylinders"
In finance news:
- RenTec, the $50 billion hedge fund cofounded by right-wing donor Bob Mercer, has been crushing it
- Bill Ackman's Pershing Square has seen assets drop $1.6 billion in 5 months
- Bridgewater, the world's largest hedge fund, faces a race against time to avoid a loss in its biggest strategy
- We talked to the head of research at RBC Capital Markets about the storm headed for Wall Street
- A unit at Goldman Sachs has quietly been crushing it - and is poised to become "a much bigger business"
And in company news:
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- The DoJ might smack down AT&T's $85 billion buyout of Time Warner
- Tesla posted a big loss and cut Model X and Model S production to catch up on the Model 3
- Facebook crushed Q3 earnings but spooked investors with warning of a spending spree