- Reuters/China Stringer Network
Here is what you need to know.
The US economy registers its strongest growth in 3 years. A second estimate of third-quarter gross domestic product showed the US economy grew at a 3.3% annualized rate, its strongest since 2014.
The Senate GOP tax bill clears a hurdle. The Tax Cuts and Jobs Act passed a motion to proceed with a 52-48 vote along party lines. There will be 20 hours of debate before a final vote happens Friday.
Oil is little changed ahead of OPEC’s decision. Brent crude oil, the international benchmark, trades down 0.17% at $63.24 a barrel as traders await the cartel’s decision on whether to extend the production cuts agreed to last November.
Bitcoin dives back below $10,000. The cryptocurrency trades down 1.71% at $9,681 a coin, sliding back below the $10,000 level just before midnight ET. Bitcoin hit a record high of $11,413 on Wednesday before plunging by at least 20%.
The IRS wants to know Coinbase’s biggest players. A court ordered the cryptocurrency exchange to hand over information to the Internal Revenue Service about the 14,355 account holders who made a transaction of $20,000 or more from 2013 to 2015.
Sears’ loss narrows, same-store sales plunge. The retailer announced a loss of $558 million in the third quarter and said same-store sales plunged by 15.3% versus a year ago.
Nokia denies report that it’s in talks to buy Juniper Networks. “Nokia is not currently in talks with, nor is it preparing an offer for, Juniper Networks related to an acquisition of that company,” the company said in a statement after CNBC reported that a deal was in the works.
Stock markets around the world trade mixed. Hong Kong’s Hang Seng (-1.51%) was hit hard in Asia, and Germany’s DAX (+0.76%) is out front in Europe. The S&P 500 is set to open up 0.24% near 2,632.
Earnings reports trickle out. Kroger reports ahead of the opening bell, and VMware releases its quarterly results after markets close.
US economic data keeps coming. Initial claims, personal income and spending, and PCE core prices will all be released at 8:30 a.m. ET before the Chicago Purchasing Managers’ Index crosses the wires at 9:45 a.m. ET. The US 10-year yield is down 1 basis point at 2.38%.