US Equities Markets End Mixed Thursday as Investors Track Tax Bill Progress

MT Newswires Live
05-23

US benchmark equity indexes ended mixed Thursday after the House of Representatives cleared President Donald Trump's key tax bill, sending it to the Senate.

* The Republican-led House of Representatives passed the tax bill in a 215-214 vote early Thursday, sending it to the Senate where it's likely to face "a complicated path," Stifel said in a note.

* The bill includes "massive tax cuts, no tax on tips, no tax on overtime, (and) tax deductions when you purchase an American-made vehicle," Trump said in a social media post. "Now, it's time for our friends in the Senate to get to work and send this bill to my desk as soon as possible!"

* US existing home sales unexpectedly fell in April as prices reached a record high for the month, according to data released by the National Association of Realtors.

* In the coming months, sales are expected to drop further amid "softening economic activity and affordability constraints" worsened by increasing mortgage rates, Oxford Economics said. "Softening demand and the increase in supply may put some downward pressure on home price growth, but we aren't seeing much evidence of that yet, at least at the national level."

* July West Texas Intermediate crude oil closed down $0.53 to settle at $61.04 per barrel, while July Brent crude, the global benchmark, was last seen down $0.60 to $64.31 following a report that OPEC+ plans to boost supply in July.

* Advance Auto Parts (AAP) shares surged 57% after the auto-parts retailer affirmed its full-year outlook as fiscal Q1 results exceeded Wall Street expectations.

* Enphase Energy (ENPH) shares slumped 20% after media reports that Trump's tax bill eliminates important clean energy credits.

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