Here is what you need to know.
The GOP tax bill is on the verge of becoming a law. Senate Republicans passed the Tax Cuts and Jobs Act by a 51 to 48 vote along party lines, leaving only a technical vote in the House as the last remaining obstacle before the bill can be sent to President Donald Trump’s desk.
America’s biggest companies say they’ll pay down debt with repatriated cash. A Bank of America Merrill Lynch survey of 302 US companies found 65% of respondents plan to pay down debt with at least some of the money that is brought back into the country as part of the one-time repatriation of overseas cash that’s included in the GOP tax plan. Meanwhile 46% say they’ll use at least some of the cash to buy back stock.
The 10-year hits a 9-month high. The benchmark yield crossed 2.46% on Wednesday. It hasn’t been that high since March.
Litecoin’s founder unloads his entire stake. Charlie Lee, the founder of litecoin, has dumped his entire stake in the digital currency after receiving criticism that he was trying to influence its price with his tweets.
Coinbase is investigating insider trading in bitcoin cash. Coinbase is looking into whether employees tried to profit from advanced knowledge the exchange would allow users to buy and sell bitcoin cash. The exchange halted bitcoin cash trading four hours after it was launched.
Uber suffers a big blow in Europe. The European Court of Justice, Europe’s top court, ruled on Wednesday that Uber is a transport service, meaning EU states will have more authority to scrutinize and regulate the company.
FedEx boosts its guidance. The package-delivery giant beat on both the top and bottom lines and raised its full-year fiscal 2018 earnings per share forecast to a range between $12.70 and $13.30.
Stock markets around the world trade mixed. China’s Shanghai Composite (+0.88%) outperformed in Asia and France’s CAC (-0.18%) trails in Europe. The S&P 500 is set to open up 0.24% near 2,688.
Earnings reporting remains light. Blackberry reports ahead of the opening bell and Bed Bath & Beyond releases its quarterly results after markets close.
US economic data trickles out. Existing home sales will be released at 10 a.m. ET.