US benchmarks close lower
TSX down 23
FTSE 100 closes 34 down
Tax cut delayed
US stocks followed the trend of the day to close lower.
The Dow Jones Industrial Index ended a seven-day winning streak as the latest details on new tax legislation progress emerged.
A House panel approved Republican legislation to deeply cut taxes for corporations and double the personal standard deduction but a cut in the corporate rate looks like it will be delayed until 2019, as opposed to next year.
The Dow Jones closed 101 down at 23,461 , while the S&P500 shed 9.76 at 2,584.
The Nasdaq shed over 39 at 6,750.
In Toronto, the TSX was down 23.26 at 16,082.
One of the most notable movers perhaps was famous department store Macy's Inc (NYSE:M), which shot up 10% to US$19.3 4 after posting its quarterly results.
Macy's sales slide, but the chain remains upbeat about the holidays https://t.co/W1s9gaGmSM pic.twitter.com/j0IMyp1OZC
— Bloomberg (@business) 9 November 2017
MID-SESSION
US stocks are tanking at mid-session, as European indices finished lower.
FTSE 100 in London shed 45 points, the German DAX closed almost 200 points down.
On Wall Street, the Dow Jones is off 211 at 23,351. The S&P 500 is down over 22 at 2,571.
The Nasdaq lost over 87 points at 6,702.
In Toronto, the TSX shed over 57 points at 16,047.
In equities, Willbros Group Inc (NYSE:WG) lost over 46 points at US$1.50 after the company posted a third quarter loss of $0.52 per share on revenues of US$240.77 million.
OPEN
The Dow Jones opened over 100 points lower on Wall Street as traders await more on the tax bill and assess US jobs data.
The index is down around 106 points at 23,435 at the time of writing.
Meanwhile, the S&P 500 is off almost 13 points at 2,581, while the Nasdaq is down 54 at 6,734.
In Toronto, the TSX is off over 64 points at 16,040.
The weekly jobless claims, which shows the number of people made redundant across the USA, was shown to have increased 10,000 to a seasonally adjusted 239,000 in the week ended November 4.
Dennis de Jong at UFGX.com said: "While Donald Trump may be celebrating the one-year anniversary of his presidential election win, he won’t have much to cheer about the rising figures from today’s initial jobless claims.
“The president took to social media last week to highlight that US unemployment had fallen to its lowest in 17 years. Although there has been solid growth in the jobs market during Trump’s tenure, there will be some concerns around the spike in claims heading into the festive season."
PREVIEW.
Across the pond on Wall Street, US stocks look likely to travel lower at the opening bell as earnings season continues its wind down and next to no meaningful market to steer the markets one way or the other.
The Dow Jones is seen a hefty 107 points lower at the open to 23,430; the S&P 500 is expected to be 16 points in the red at 2,578; while the tech-heavy Nasdaq is forecast to fall 55 points at the bell to 6,291.
“Looking to the US open and in the face of a deathly dull economic calendar the Dow Jones is struggling to remain at record highs, with the index facing a [100] point fall after the bell,” said Spreadex analyst Connor Campbell.
Among the stock movers ahead of the bell, SAGE Therapeutics Inc (NASDAQ:SAGE) gained over 50% after the company reported that brexanolone achieved primary endpoints in both Phase 3 trials in postpartum depression.
Roku Inc (NASDAQ:ROKU) shares added almost 30% in pre-market deals to US$ 24.46 after it unveiled stronger-than-expected results for its third quarter in its first quarterly report as a public company.
The company also announced fourth quarter guidance sales guidance of $175 million to $190 million, which were above consensus estimates of $177 million.