Wall Street smells a tax cut

 

Major indices are in the green this Friday morning, following the Senate’s passage of a budget that appears to lay the groundwork for President Trump to enact a sweeping tax cut. There are, however, some big players going the other way. General Electric (GE) delivered a disastrous third quarter earnings report after the close of market on Thursday, and shares are now down 3%. Procter & Gamble (PG) missed on revenue is also down 3%, but the real disaster today is Celgene (CELG). The chemotherapy giant has discontinued its phase 3 study of its Crohn’s Disease drug, and shares are down 10%—a loss of more than $10 billion in market value.

West Texas Intermediate crude is trading at $51.11. At present, the S&P 500 is up 0.34%, the DJIA is up 0.3%, and the NASDAQ is up 0.47%.

Here are your Friday morning market metrics. Industries doing well today include consumer finance, textiles, and communications equipment. Industries showing weakness include energy equipment, biotechnology, and household products. The VIX is down 4% to 9.65 after closing on Thursday at 10.05. The most heavily traded options this morning are for the S&P 500 SPDR ETF (SPY), with 16,076 November-3 255 puts, 16,011 November-17 252 puts, and 15,003 November-17 240 puts on the board. The total put/call ratio as of 10:00 AM was 0.83 (447,740/371,143). The advancers/decliners ratio for NYSE stocks is 1,670/1,186 while the advancers/decliners ratio for NASDAQ stocks is 1,796/949.

Symbols: CELG GE PG SPY
Julian Close

Julian Close

Julian Close became a stockbroker in 1995. In his 20 years of market experience, he has seen all market conditions and written about every aspect of investing. Julian has also written extensively on corporate best practices and even written reports for the United Nations. He graduated from Davidson College in 1993 and received a Master of Arts in Teaching from Mary Baldwin College in 2011. You can see closing trades for all Julian's long and short positions and track his long term performance via twitter: @JulianClose_MIC.

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