Trump Tax Revolution!

Stocks on Wall Street ended up Wednesday, financial stocks gaining momentum as expectations grew for a December rate hike and the hope that Trump would progress substantially with his tax reform plan. Financial stocks rallied 1.3%. When rates rise, banks move too! The point when rates rise is the very same point when banks start making money. Goldman Sachs (GS) soared 2.1%, giving the Dow Jones its biggest push.

Yesterday Trump presented the biggest tax reform plan in three decades, but didn’t offer details as to how he’d finance the plan without dramatically increasing the budget deficit. In the event the bill passes through both houses of Congress, it would be Trump’s first significant legislative victory since he moved into the White House in January.

Small-cap stocks (IWM) rallied 1.92%, recording their best trading day since March. Small-caps are expected to benefit more than any other grouping from a tax cut. According to the new tax plan, corporate taxes will fall from 35% to 20%. Personal income tax will be streamlined to 3 different brackets, the highest being 35%; the highest tax rate is now almost 40%. Trump’s goal in lowering taxes is to accelerate inflation. Trump, in his speech, noted that the tax reform would enable American businesses to benefit from the lowest tax rates in about 100 years.

Daily Summary: The Dow Jones rose 0.25%, the S&P 500 advancing 0.41%. The NASDAQ ended nicely up by 1.15%.

One of the stocks standing out in trading was Nike (NKE) which fell 1.92%, limiting the gains on the Dow and S&P 500 after the sports shoe and apparel company reported its lowest sales growth in almost 7 years. Likewise, investors were disappointed to learn that the company projects further weakness from North American revenues.

About 6.55 billion shares traded hands on U.S. exchanges, compared to the 5.91 billion average over the last 20 trading days.

Thursday: The third reading on Q2 U.S. growth will be released today before trading opens at 8:30 N.Y. time – and is expected to show the U.S. economy growing at a 3% clip, significantly higher than the mired growth rate this quarter which suffered due to Hurricanes Irma and Harvey.

Other figures that will be in investors’ focus today on Wall Street include weekly unemployment claims, which also were affected by hurricanes in recent weeks, Florida and Texas residents unable to work. The projection now is 270 thousand new unemployment claims.

Fed Vice-chair, Stanley Fischer, will be speaking at a conference at the Bank of England at 10:00.

Earnings reports are expected from: CAG, ACN.

IndexLastDaily change
DJX22,3410.25%Up
SPX2,5070.41%Up
Nasdaq6,4531.15%Up

Thursday’s Hot Stocks: CAG, ACN, AAAP

IPOs: DCPH, NITE

Have a great trading day!

Economic Calendar

 

DAYTIME (EST)EventForecastImpact
Tuesday9:00S&P Case-Shiller 0.4 %Medium
Tuesday10:00New Home Sales583 K

 

Medium
Tuesday10:00Consumer Confidence120.2High
Tuesday11:50Janet Yellen Speaks“Prospects for Growth: Reassessing the Fundamentals”Medium
Wednesday8:30Durable Goods Orders1.5 %Low
Wednesday10:00Pending Home Sales Index-0.1 %Medium
Wednesday10:30Oil InventoriesLow
Thursday8:30GDP3.1 %Medium
Thursday8:30Jobless Claims270 KMedium
Friday8:30Personal Income and Outlays0.3 %Medium
Friday9:45Chicago PMI58.6Medium
Friday10:00Consumer Sentiment95.3High

 

 

Earning Calendar

 

SymbolCompanyAM/PMDay
CCLCarnival CorporationAMMonday
THOThor Industries, Inc.PMMonday
DRIDarden Restaurants, Inc.AMTuesday
MUMicron Technology, Inc.PMTuesday
NKENIKE, Inc.PMTuesday
WORWorthington Industries, Inc.AMWednesday
ALRAlere Inc.AMWednesday
CAGConagra Brands, Inc.AMThursday
MKCMcCormick & Company, IncorporatedAMThursday
CMCCommercial Metals CompanyAMThursday
AKRXAkorn, Inc.AMThursday
ACNAccenture plcAMThursday
 

 Today’s Picks – Day Trading!

SymbolBreakoutBreakdownMomentumMomentum
HTZ24.22SEDGABT
TSCO63.38UCTTBMS
MTCH24.40SRPTSCG
SRPT48AMATDLPH
 WSM 
 SQM 
 CREE 
 KLAC 
 BBY 

 

 New York Strategy Swing

#DateStockLong\

Short

StatuesData CloseProfit\

Loss

12.8.2017AKAMShortClose3.8.2017-1.12%
23.8.2017NKELongClose8.8.2017+0.02%
34.8.2017SBUXShortClose16.8.2017+2.40%
48.8.2017NTAPLongClose9.8.2017-1.17%
522.8.2017ATHMLongClose23.8.2017+0.16%
623.8.2017AAPShortClose26.8.2017+0.98%
728.8.2017CREEShortClose30.8.2017-0.86%
830.8.2017TRIPLongClose11.9.2017+3.88%
91.9.2017VNTVLongClose14.9.2017+1.35%
1012.9.2017CPBShortClose15.9.2017-1.10%
1118.9.2017INSMLongClose22.9.2017+1.92%
1225.9.2017GPSLongOpen +2.86%
1327.9.2017SQMLongOpen+1.85%
14
15
16 
17
18