Eisen, john fortt at post 9 of the new york stock exchange. Some outsized gains for the dow this morning on the back of 3m and kacaterpillar as earnings season kicks into high gear. Its the industrials taking us higher for that we turn to bob pisani on the floor bob . You want to know what a reflags trade looks like, you can see it today the earnings are in the industrials space and thats part of the reflation trade. This is what weve been talking about, Global Economy expanding, something caterpillar was emphasizing here i want to just show you something, because only half the dow stocks are up, believe it or not, only half the dow stocks are on the upside. The dow is up 0. 8 and the s p is essentially up 0. 2 thats a huge percentage difference and thats because a couple of companies as you heard from carl, are making the difference in the Dow Jones Industrial average some of the big names raising guidance, 3m look at that, up 14 points there. Caterpillar, put that together, youve got
And warns of further market declines next year. And ab imbef shar bshgb ind. Good morning its thursday, ecb day, the allimportant day when were hearing about the ecbs plans for tapering we have one other central bank thats come out with a report. Not just the riksbank, but also the norges bank. I want to show you whats happening to the european markets. This is how were looking. Were probably unchanged we can bring up the heat map there you go inching slightly to the upside dominated by earnings today. Banks especially theyre the biggest faller on the sector al basis lets show you how were shaping up for the trading day these are the indices. Were pretty much all in the green, only with marginal increases to the upside. The ftse 100 up by 0. 25 the xetra dax up by 0. 2 still some caution ahead of that ecb meeting and no major positioning or risk taking in the markets. I mentioned the banks, they are underperforming. Lets get to the biggest fallers when it comes to sector basis. Banks,
Private equity on track for a record year fundraising, we got the woman in charge of Goldman Sachs clients, alison mass, her first tv interview ever. Very much looking forward to that. Lets begin with the top market story with the equities pulling back on new details about Congress Tax Reform plan. Ylan mui has the latest on what could be a delay in its implementation ylan kelly, republic b cans considering phasing in the reduction of the corporate rate according to bloomberg news. Under this plan the rate couldnt get to 20 until 2022 one word of caution here, the tax bill is still final yet. 20 corporate rate is one of president trumps red lines in this debate. White House Press Secretary Sarah Huckabee sanders appeared to throw cold water on the phasein idea this afternoon the president laid out his principles and doesnt include the phasing in were sit committed tothat moving forward, but, and i dont have any reasonable the reason this is even coming up is republicans have a revenue
Stateside as a special council pushes ahead with allegations, and some concern about tax reform, the implications that might mean for a key legislative win for donald trump the other big news crossing was suggestion thats overall Corporate Tax rate might end up around 20 by 2022 which is underwhelming in terms of expectations for a lore rate of 15 . Just fading on wall street also in asia today disappointment around the data sharper than expected slowdown in the factory growth orders all of that is being digested in europe as a number of corporates are crossing the tape. In the uk, were close to the 7,500 mark as we inch forward by ten points the French Market trades on the flat line. Were not showing you the dax as it is closed today the rest of the markets open, leading into the green the exception is the zurich stock market fade big 0. 1 getting into the big earnings, bp posted an underlying replacement cost profit of 1 1. 8 billion, that has beaten expectations they announced they
Record highs on an intraday basis. They have not been able to maintain those levels. These are all very small moves. I wanted to dig into the dow a little bit. The only of the three major averages that have failed to maintain the record that was set on march 1. Apple is the big winner in that index. Shares up 3 after brian white over at Drexel Hamilton put a price target on apple, sending shares up. Ibm lower on Warren Buffett cutting his stake through berkshire hathaway. Bernsteins saying the shares should not be bought on weakness. Downly, Goldman Sachs 0. 66 . To talk about apple again for a moment and as it relates to the s p 500 more so, right now, thus far, we have seen apple rally in along with the s p 500 rallying along with the s p 500. This has been supportive for the s p. On the bottom, we have the correlation. We are really seeing a lot of the time, a majority of the time, the two moving in tandem. If apple does continue to rally, that would not be bad news for u. S. Stocks