Major market decisions out of last week into this week seem stalled by the looming next House of Representatives vote on the Trump administration’s American Health Care Act, the fraught repeal and replacement for Obamacare. The fate of this legislation is a key indication for two key market factors flowing from Washington DC.
With a deadline looming this week to avert a U.S. government shutdown, Congress returns to work on Monday as President Donald Trump leans on Democrats to include funding for his promised border wall with Mexico in spending legislation.
Regardless of the explanation for the initial drop, the tech sector has come roaring back of late. Though still far from the lofty "Tech Bubble" peak at the start of the millennium, technology stocks recently hit their highest levels relative to the broader stock market in 15 years.
Markets have tempered its expectations for sweeping U.S. tax cuts in the wake of President Donald Trump's stinging healthcare defeat, a move that could push investors to embrace cheaper global stocks after the heady U.S. rally of recent months.
Stocks recovered while the dollar hovered above four-month lows on Tuesday as anxiety over Donald Trump's setback on healthcare reform gave way to tentative hopes for the U.S. president's planned stimulus policies.
The dollar slid to a four-month low against a basket of currencies on Monday as investors weighed the prospects of a U.S. fiscal spending boost under President Donald Trump after his failure to push through a key healthcare reform bill.