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STOCKS DO NOTHING: Here's what you need to know

Published by Business Insider on Wed, 03 May 2017


Stocks were little changed on Tuesday, although auto sharesand oil prices got slammed.All three major indices ticked up into the green at the close.First up, the scoreboard:Dow: 20,949.89, +36.43, (0.17%)S&P 500: 2,391.17, +2.84, (+0.12%)Nasdaq: 6,095.37, +3.77, (+0.06%)US 10-year yield:2.289%, -0.038WTI crude oil: $47.60, -1.24, -2.54%1.The Fed may have a hard time overlooking the economy's recent flop.The Federal Reserve will release a statement on its latest policy decision and opinionson the economy on Wednesday. The way it appraises the economy could present a challenge: acknowledging temporary drags in the first quarter without suggesting that it plans to raise rates faster than expected.2. Every major carmaker whiffed on auto sales,signaling that the market may have peaked after seven straight years of record-setting numbers."There is some validity to the idea that we've hit a plateau," saidAlec Gutierrez, a senior market analyst at Kelley Blue Book."Even with a slowdown, we're still on the high end of what would be the norm of US auto sales."3. Shares of the Big Three automakers got slammed after sales missed expectations.Around9:44 a.m. ET, Fordwas down 3.6% to $11.01 a share, GMwas off 2.5% to $35, and Fiat Chryslerwas down 3.5% to $11.01.4. Oil got slammed.Heavy selling took hold on Tuesday afternoon, pushing oil down to its lowest level since March 27.On Wednesday, data released by the Energy Information Administration is expected to show US oil inventories fell by 3.5 million barrels, according to a Bloomberg survey. 5. On the flip side, shares of Twitter jumped after Mark Cuban said he "just recently" invested inthe social media company."I started buying Twitter just recently because I think they finally got their act together with artificial intelligence," Cuban told CNBC's Squawk Alley.6. Republicans are scrambling to win votes in what looks like a razor-thin vote on "Trumpcare."According to aggregate "whip counts" conducted by various outlets, somewhere between 20 and 22 Republican members of the House have said they will vote "no" on the American Health Care Act, which would repeal and replace Obamacare.7. Congress is discussing a plan to dismantle some of the biggest Wall Street regulations.The changescould includelimiting the Consumer Financial Protection Bureau and changing the terms for so-called stress tests that are meant to ensure banks can withstand a financial shock.8. The Czech government is resigning after a dispute with the finance minister."It seems unlikely that this political realignment will have a significant impact on the economy or financial markets. The stability of Czech politics over the past three years has been the exception rather than the rule," William Jackson, senior emerging markets economist at Capital Economics, said in a note.ADDITIONALLY:Jimmy Kimmel's emotional monologue shows why Republicans are having trouble repealing Obamacare."This is a middle finger to America": House hearing on Wall Street rules boils over.TRUMP ADVISER: The president's "lack of predictability has gained respect" from world leaders.The stock market has stopped paying attention to what Trump says."They do not see value in their own companies!" ' Corporate executive are selling stocks in droves.The fuel of the US economy is drying up, but it's not as bad as it seems.SEE ALSO:What 25 major world leaders and dictators looked like when they were youngJoin the conversation about this storyNOW WATCH: Warner Bros. might have to pay $900 million if it can't prove ghosts are real
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