Healthcare debate dominates the agenda
|Heading into the close, the FTSE 100 is marginally lower, as investors await the outcome of political maneuverings in Washington.
- Trump plan in doubt
- Possible reversal in store?
- Heavyweight stocks fail to rally
All eyes are on Washington to see whether how President Trump fares in the first real test of his legislative program. Markets, having (perhaps a touch naively) assumed that the year would see him go from triumph to triumph, are now on the cusp of switching to the opposite extreme, fear that none of the goals of the administration will be achieved. A failure this weekend and no redeeming ‘tax-cut lite’ plan soon could see a lot of the premium wiped off equity markets. Still for now people appear to be giving him the benefit of the doubt, with small gains on Wall Street and European markets essentially in a holding pattern.
The problem for markets is that we remain in a news-light environment. Equity and economic news has not been of the real blockbuster variety, which leaves Washington-watching as the only game in town. While the broader S&P 500 is up slightly, it is telling that the top-weighted stocks on Wall Street are not moving higher. Breadth also remains weak, with the slight improvement in the number of risers versus fallers not helping to restore the bullish picture. The post-election rally is facing a death or glory moment.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.