Hello traders everywhere. The stock market is heading for its first weekly loss in six weeks after hitting all-time highs earlier in the week. The reason for the late week weakness, the tax plan that was released Thursday by the U.S. Senate.
Senate Republicans have unveiled a tax-cut plan that would delay lowering the corporate rate to 20% by a year to 2019 and provide small-business owners with a deduction rather than an exclusive business rate.
The Senate Republicans' version of the bill differs markedly on corporate, business and individual tax cuts from legislation detailed by their counterparts in the House of Representatives who want to enact the corporate tax reduction in 2018.
Meanwhile, crude oil is set to extend its longest stretch of weekly gains since October of 2016 with instability flooding the Middle East.
The arrests of Saudi Arabian royals and investors in an anti-corruption sweep compounded tensions between the world’s largest oil exporter and longtime rival Iran, heightening concerns about potential supply disruptions. Crude futures have risen 2.8% this week in New York, despite record high oil production from U.S. oil fields.
Key levels to watch next week:
S&P 500 (CME:SP500): 2,544.00
Dow (INDEX:DJI): 23,251.11
NASDAQ (NASDAQ:COMP): 6,517.93
Gold (NYMEX:GC.Z17.E): 1,276.10
Crude Oil (NYMEX:CL.Z17.E): 56.41
U.S. Dollar (NYBOT:DX.Z17.E): 93.36
Bitcoin (CME:BRTI): 5,385.06