This Has Never Happened Before To The Nasdaq
Via Dana Lyons' Tumblr,
No 52-week high in the Nasdaq 100 has ever been accompanied by as few advancing stocks as today’s.
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Bitcoin Explodes To $7900 After Hard Fork Suspended
The USD price of Bitcoin just exploded higher - near $7900 - on heavy volume as CoinDesk reports The organizers of a controversial bitcoin scaling proposal are suspending an attempt to increase the block size by way of a software upgrade. Bitcoin is up over 10% today, now up over 650% YTD:
Another Delay: Senate Won't Release Tax Bill On Thursday As Mnuchin Admits Corp Tax Cut Delay Likely
Yesterday, the dollar slumped and yields dropped after a WaPo report claimed that the corporate tax cut could - the core piece of GOP tax reform - would be delayed by up to a year, a clear indication that there may be irreconcilable differences in the Senate regarding tax reform. Then, moments ago, Axios confirmed as much, reporting that the Senate "won't release its version of the GOP tax bill tomorrow", citing a senior GOP aide. On Tuesday Mitch McConnell said that the bill would come out on Thursday.
One Year Later: These Are The Best And Worst Performing Assets Under President Trump
"A Happy Trumpiversary to all our readers this morning"
- Deutsche Bank
Lending Club Crashes Near Record Lows After Slashing Guidance
Despite record high stocks, record high consumer confidence, and 'full' employment, LendingClub is struggling to originate high-enough quality loans - crashing almost 20% after slashing its Q4 outlook.
CEO Scott Sanborn on LendingClub’s conference call pointed to a new credit model that represents "a tightening with an overall shift to higher-quality grades and higher quality approvals within grades," and said Equifax’s significant data breach "has put consumers on edge."