And the senate bill, will speaking on the floor. Trump, justident staying on point, how can President Trump tax cuts for the middleclass when the public does not seem to look at it that way . Nancy pelosi giving Closing Remarks. The house of representatives what i woulder will is republican, they the at the lowering of the majority have seen the 401 k s grow. What they are getting back from the government. Might frustrate them, especially when you go to battleground states like michigan and pennsylvania. Pelosi, a nancy minority leader and used to be speaker of the house. This has often litigated out. Is that true . Will push back ferociously against that and here is why. There are broad frameworks debated for decades. Wealthytaxes on individuals and corporations would stimulate growth or we are happy to have debates but provisions in both bills in the house and senate bill have literally just been added in recent days that radically transform the landscape. State and local deductions
Gets back to its version of tax overhaul with republicans pushing hard to get to a full senate vote as early as this thursday. We welcome our chief content officer, marty shanker, and from washington, sahil kapur. What does it look like in terms of whether or not they will get a vote by thursday . Is a scurry to get all the votes they possibly can between today and thursday to cobble together the votes the frontpass it on end. The vote is likely to come in on thursday around whats called a ama. Earo a theres a small faction of deficit hawks in the senate, two of them retiring, immune to political pressure. They need to be placated. They need to believe that this wont simply explode the deficit and put the nation in a more precarious place in terms of red ink. Raisedollins has concerns about repealing the obamacare individual mandate. She is concerned that it will raise a means for other people. Otheren there are some wildcards. One of the big possible no votes, rand paul, came on in fa
On Economic Optimism around tax reform. This is an appropriate week for that last one. Basically inline, isn manufacturing index, month of november. Major averages, not much of an influence. We are looking at a small decline. In recordt putting highs. We have had several record highs in a row for the dow, but this is the first down day in six for the dow, at least right now. The tech heavy nasdaq down nearly half a percent. This week has been about a lot of volatility. As you look at the fiveday chart of the nasdaq 100, monday and tuesday flat, and a big on wednesday, a tech selloff. A bit of a rebound yesterday. Now, we are looking at a drop again. The nasdaq down about 1 . The dow one pays for its best week of the year. A do in terms of volatility. About 15, closer to 16. The s p 500 vix closer to 11. Interesting to see how all of this plays out. Volatility tends to breed volatility. There may be more intraday and closing day moves ahead. We do have november auto sales out. A bit of
We got to look at the markets, 30 minutes into the friday session, one of the last of the year. Julie hyman is here and we are higher. Records again, at least on a closing basis, for the dow and the s p. A nasdaq not quite getting there. A list across the board for the three major averages. If we break it down and look at individual components, we will see strength as well. In retail, for example, both on the supermarket side as well as on the Specialty Retail side, we are seeing strength today. Costcosupermarket side, leading gains after the company came out with earnings that beat estimates. The Company Reported another quarter of increasing comparablestore sales, or i should say another month, 14 months in a row that costco has seen games in that area. In addition, membership rates are holding steady, which is better than cosco had anticipated. It is higher. Walmart and target are also getting something of a lift. Outside of supermarkets, looking at Specialty Retail, were looking at
Cuspfeel they are on the of what they feel is their first major legislative victory. In the last hour, they are releasing a poll that 47 americans feel their taxes will increase. I spoke with dave brat who told me he feels replicants have to go on offense to try and convince votes this is a good plan for them. It becomes a mess shaking messaging war. Scarlet did they try to delay this vote . It is not going to do much in terms of putting it off the table but they had tried to raise different questions. They surly did not want to make it easy for rubble gens or seem like they are just sitting on their hands. They staged this big rally on capitol hill. Ultimately they probably want to tie the republicans to the effects of this bill in the 2018 campaign. They are saying bring it on. So unpopular . This when questioned, gop members say it is going to be fine three when the results come in and people start to see pay increases it is going to be fine. What gives them that confidence . They h