- Reuters/Stephane Mahe
Here is what you need to know.
Tax reform passes the House. By a vote of 227-205, mostly along party lines, the House passed its version of the Tax Cuts and Jobs Act.
A $423 billion investor explains why tech stocks aren’t overpriced. Measures of valuation like the cyclically adjusted price-earnings ratio show stocks are as expensive as they were during the dot-com bubble, but this time is different because the largest companies are propelled by intellectual property, not manufacturing, Jim McCaughan, the CEO of Principal Global Investors, told Business Insider.
Bitcoin crosses $8,000. The cryptocurrency touched a record high of $8,007 a coin, according to the Bitfinex Exchange. Now it’s little changed near $7,870.
A Danish oil company issued a 1,000-year bond. Orsted raised 500 million euros through the sale of a hybrid bond, both debt and equity, that matures in 3017.
Tesla unveils its electric big rig. The company says the big rig will have a range of up to 500 miles a charge and can charge up to 400 miles in just 30 minutes when using a newly released high-speed Megacharger.
A bidding war may be about to break out for 21st Century Fox. Comcast, Verizon, and Disney have all reportedly approached 21st Century Fox to buy some of its assets, both CNBC and The Wall Street Journal report.
Gap raises its profit forecast. The retailer beat on both the top and bottom lines and said it saw its full-year adjusted profit coming in at $2.08 to $2.12 a share, up from its previous estimate of $2.02 to $2.10 a share.
Stock markets around the world trade mixed. Hong Kong’s Hang Seng (+0.62%) led the gains in Asia, and Britain’s FTSE (-0.27%) trails in Europe. The S&P 500 is set to open down 0.11% near 2,583.
Earnings reporting is light. Abercrombie & Fitch and Foot Locker report ahead of the opening bell.
US economic data rolls out. Housing starts and building permits will be released at 8:30 a.m. ET. The US 10-year yield is down 1 basis point at 2.37%.