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In beijing europe is weak and claims a little higher than expected. The twoyear is at a nineyear high our road map begins with retail movers macys and kohls moving in different direction. Plus, more media m a intrigue the future of at t and time warners deal is in question as the department of justice asks for changes and the two sides may end up in court. And futures are slipping. Markets are awaiting more on tax reform today, as we digest a number of earnings movers. So lets kick it off with jim, who is at west point today, ahead of a big show tonight, jim. And were looking at some early weakness this morning, some attributing it to the increasing difficulty between reconciling what weve gotten from the house, what is being marked up, and what the senate is eventually going to tell us on taxes. Well, im continuing to be very skeptical im looking for a repeal and replace here in other words, i just dont think that theyre going to be able to get it together anytime soon but you know wh ....
The shanghai up by half a percentage point in europe in some of the early trading right now we are seeing things a little bit mixed across the board. Ftses hanging in there up by. 10 of a percent. They are seeing pull backs by the dax down and the cac off by 1 3 of a percentage oint. Crude oil prices on a climb again last week where oil was up by just over 1. 10 this morning wti back 1 cent i take that back, its unchanged at 56. 74 lets tell you whats going on couple stories were watching this morning couple big ones. General electric is going to announce a major restructuring is going to happen today ge will focus on three or four units, aviation, power, health care ge is planning to shed its majority stake in oil and gas operator baker hughes. Remember that big bet that shedding . Shedding. Shedding. Like skin. John flannery expected to announce the changes at a meeting. Theyre getting out of it he got into it, now hes getting out of it. You build it up and you take it down were goin ....
I appreciate members participation during yesterdays igs session. I was glad to hear everys initial thoughts. However, a number of issues were raised yesterday that in my view warrant some additional responses. First at characterization of the bill as a massive tax cut for the rich that particular claim was repeated by almost every minority member of this committee. The problem with that claim is that its just not true. The joint committee on taxation a nonpartisan congressional scorekeeper has concluded not only does the bill maintain the current level of progressivity in the tax code but the largest tax cuts in terms of percentage of income will go to middle income earners. I understand that the districtsal analysis is inconvenient for the democrats who are committed to the narrative that republicans intend to give the socalled rich a huge tax cut. But jcts analysis shouldnt be ignored altogether. Secondly, there was the repeated claim supposedly placed on jct analysis that the bill ....
Type tax reform. Today is day two of the Senate Committee review live on capitol hill. This is just getting under way. It collects input from amendments that have been filed. Because of a larm number of amendments we have processed the modified mark will be given to members later today as has been discussed with our Ranking Member and everyone can then have time to read over the modifications. After that process we will resume a markup tomorrow morning with the modified mark. Before we proceed today i want to make a few comments. I appreciate members participation during yesterdays session. I was glad to hear everyones initial thoughts. However a number of issues were raised that in my view werent additional responses. First is a massive tax cut for the rich. That particular claim was repeated by almost every minority member of this committee. The problem with that is that ....
They think this is unsustainable and were in a dangerous position sell sell sell. The house of pain the dow dipped six points the nasdaq advanced 0. 38 . I want to address this reluctance to believe in the bull head on by going over the top ten reasons why investors always seem to have one foot out the door, despite the fact that weve had one heck of a run, from the lows way back in march of 2009. So lets go right to it. The first one, weve been hearing it for years the bull has run for too long. Its now on its last legs. Put aside the fact that bull markets dont die from old age, but die from recessions, rate hikes or new ipos. Weve had three serious corrections. One in 2011, when the s p 500 downgraded the Credit Rating of the united states. And in 2015, fears of a chinese collapse and one in february of 2016, related to the collapse of oil so this stocks entered bear market mode that its almost like weve had three bull mar t mar ....