US markets closed lower on tax-delay jitters

10 Nov 2017 Evaluate

The US markets closed lower on Thursday in their worst session in two weeks with the Dow snapping a seven-day winning streak on worries over a possible delay in much-anticipated corporate tax cut. However, main indexes trimmed losses after the House Ways and Committee approved a bill to overhaul the tax code, setting up a vote by the full House. Meanwhile, a popular measure of implied volatility, as measured by the CBOE Volatility index VIX, soared as much as 20%, but pared gains to be up 11% at 10.86, still below its historic average at around 19 but pointing to elevated levels of market anxiety. Stocks were initially battered by fears that tax cuts would be delayed as the Senate Finance Committee released its version of a tax plan that would defer implementing a 20% corporate tax until 2019, versus next year, as proposed by House Republicans. But some of those jitters were soothed when the House Ways and Committee passed the bill put forth by the Republicans which proposes cutting corporate taxes to 20% from 35%, repeals the estate tax over time, and revise the existing seven tax brackets into four. The bill will move to the House floor for a vote, possibly as soon as next week.

Meanwhile, Loretta Mester, president of the Federal Reserve Bank of Cleveland said that a gradual increase to interest rates is the best way to deal with inflation and keep economic growth afloat. Mester added that it’s too soon to try to factor in any impact from proposed tax policy changes to the interest-rate outlook without knowing exactly what that policy will look like, although she said she has included some fiscal stimulus in her forecasts.

On the economy front, initial US jobless claims, a proxy for layoffs, rose by 10,000 to 239,000 in the week ended November 4. The more stable monthly average of claims decreased by 1,250 and stood at 231,250 to the lowest level since March 1973. The number of people already collecting unemployment benefits, known as continuing claims, rose by 17,000 to 1.9 million.

The Dow Jones Industrial Average lost 101.42 points or 0.43 percent to 23,461.94, the Nasdaq dropped 39.065 points or 0.58 percent to 6,750.05, and the S&P 500 edged lower by 9.76 points or 0.38 percent to 2,584.62.

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