- Hollis Johnson
Here’s the scoreboard:
- Dow: 23,329.46, -112.30, (-0.48%) S&P 500: 2,557.15, -11.98, (-0.47%) Nasdaq: 6,563.89, -34.54, (-0.52%)
Chipotle shares fell 15% to a five-year low after the company reported earnings that were weaker than expected. Chipotle also lowered its outlook for the year after hurricanes and a data breach hurt its business last quarter. AMD plunged 13% after the company beat on earnings but released weak guidance for the year. “For the fourth quarter of 2017, AMD expects revenue to decrease approximately 15 percent sequentially,” the chipmaker said. Gary Cohn is no longer being considered for Fed Chair, Bloomberg reports. He’s set to leave the White House once tax reform is done, the report said. President Donald Trump said including changes to 401(k)s and retirement accounts could be used as “negotiating” tools for the Republican tax reform bill. The comment comes amid reports Republicans could consider a cap on the amount Americans could contribute to a traditional, tax-deferred 401(k) or IRA as $2,400 a year. The Bank of Canada held its key interest rate at 1.00% on Wednesday, as expected. “This less aggressive stance on interest rates partly reflects concerns over NAFTA renegotiations and, to a lesser extent, the stronger Canadian dollar,” David Madani, senior Canadian economist at Capital Economics, said.