US stocks soared to their biggest gain in two months as the House passed their version of a plan that would cut taxes for corporations, which many expect to boost the bottom lines for US companies.
The S&P 500 climbed 0.8%, led by consumer staple shares that got a huge boost from Walmart’s earnings report. The Dow Jones Industrial Average increased 0.8%, while the more tech-heavy Nasdaq Composite index surged 1.3%.
First up, the scoreboard:
- Dow: 23,458.36, +187.08, (+0.80%)
- S&P 500: 2,585.64, +21.02, (+0.82%)
- Nasdaq: 6,793.29, +87.08, (+1.30%)
- US 10-year yield: 2.36%, +0.03
- WTI crude oil: $55.16, -$0.17, -0.31%
1. Walmart beats and raises guidance as online growth explodes. America’s largest brick-and-mortar retailer said US comparable-store sales rose by 2.7% versus a year ago, making for the 13th straight quarter with positive results.
2. Tesla’s sinking stock has made short sellers almost $1 billion. After nine months of having their bets annihilated by Tesla’s surging stock price, short sellers are finally making some of that money back.
3. There’s a $300 billion reason why every automaker should be seriously looking into self-driving trucks. With Tesla set to reveal its first all-electric truck on Thursday, Bernstein says that full automation of the trucking industry could save $300 billion in labor costs.
4. A recount shows billionaire investor Nelson Peltz won the biggest proxy battle in history. He’ll now have a seat on Procter & Gamble’s board after he was initially reported to have lost the vote by a slim margin.
5. Cisco beats analysts’ expectations and finally sees its way out of an 8-quarter revenue decline streak. The company posted a steady $12.136 billion in revenue for the first quarter of 2018, compared to the quarter before when it saw $12.133 billion come in.