Wednesday was a sea of red.
After stocks surged to new records on Tuesday markets pulled back on Wednesday, though the U.S. average finished off their lows, with the Dow falling over 100 points. Treasury yields were also higher, with the 10-year yield touching 2.44%.
The news flow out of Washington, D.C. was also heavy on Wednesday with Bloomberg reporting that President Donald Trump will not pick Gary Cohn to be the next chair of the Federal Reserve. This news followed headlines on Tuesday which suggested that Stanford economist John Taylor was the frontrunner among a group of GOP lawmakers informally polled by Trump.
In an interview with Fox Business’ Lou Dobbs set to air Wednesday night, Trump said that he likes current Fed chair Yellen “a lot” and said Yellen was “very impressive” during a recent meeting.
So we’ll see.
Away from Washington, D.C., Thursday will bring investors one of the busiest days of the month, if not the year, as the earnings will rush in.
On the economic calendar, highlights on Thursday will include the weekly report on initial jobless claims as well as data on pending home sales and the trade balance.
All Markets Summit highlights
On Wednesday, Yahoo Finance hosted its second All Markets Summit, featuring panels and one-on-one interviews with strategists, government officials, and executives across the business and political world.
Yahoo Finance’s Rick Newman spoke with both Rep. Kevin Brady, R-TX, and Kevin Hassett, chair of the council of economic advisors on the White House’s plans for tax reform. Notably, Brady clearly left open the possibility that changes could be coming to 401(k)’s in a tax reform plan, something President Trump had ruled out earlier this week. Trump himself also appeared to soften this stance in comments on Wednesday.
Yahoo Finance editor-in-chief Andy Serwer spoke to investing legend Mario Gabelli, who said “We’ve made money in bad markets, we’ve made money in good markets, there’s always an opportunity,” as well as media titan Barry Diller. Diller said, among other things, that the recent pushes to weaken net neutrality rules are “un-American.”
Dan Roberts spoke with the commissioners of both the NHL and the MLS, with NHL commissioner Gary Bettman commenting on the protests that have so far defined the NFL season, saying that, “I think people come to sporting events to come together, to be unified as a community, to root, and to be distracted I don’t think fans like to come for political rallies.”
And Nicole Sinclar interviewed Marriott (MAR) CEO Arne Sorenson, who said what so many business executives won’t say — the impact taxes have on business investment are often overstated.
Myles Udland is a writer at Yahoo Finance. Follow him on Twitter @MylesUdland
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