US close: Markets mixed as tax reform timetable confuses

Wall Street finished on a mixed note on Tuesday, amid conflicting reports on the likely timing and exact content of any White House tax reform proposal ahead of the anticipated Senate proposal later this week or early during the next one.

The Dow Jones Industrial Average finished up 0.04% at 23,557.23, the S&P 500 fell 0.02% to 2,590.64, and the Nasdaq 100 ended the session 0.11% firmer at 6,320.78.

"It's very unlikely that we get the bill passed before Thanksgiving,” noted Jim Reid at Deutsche Bank earlier in the day on the tax reform timetable.

“Instead we might see something around the holiday season or possibly as late as early next year depending on how contentious it is.

“So all in all expect this to rumble on for some time.”

On the economic front, the Federal Reserve's job opening and labour turnover summary for September printed at 6.09m, topping consensus forecasts for 5.98m, while the IBD/TIPP economic optimism index jumped to a reading of 53.6 in October from 50.3 for September.

In corporate news, Priceline and TripAdvisor were trading sharply lower, by 13.52% and 23.22% respectively, on the heels of their quarterly earnings updates delivered late on Monday.

Stock in e-commerce crafts marketplace Etsy also slipped, falling 1.69%, despite having said on Monday that it had swung to a profit in the third quarter.

Tech icon Apple was also in the headlines as the Cupertino, California-based giant issued $7.0bn of debt maturing in between two and 30 years to finance its share buybacks and dividend payouts.

Its shares finished 0.32% higher.

Dean Foods was going the other way, with stock in the company finishing 1.03% below the waterline after management lowered its outlook for full-year earnings per share by less than had been feared, to between 80 and 90 cents from a range of between 80 to 95 cents.

Shares in Royal Caribbean Cruises sailed ahead 3.34% after the firm posted third quarter earnings per share of $3.4, ahead of consensus forecasts for $3.40.

Meanwhile, investors were digesting reports that Walt Disney was in talks with 21st Century Fox over the sale of a large part of its operations, including its share of Sky.

Disney shares finished 0.96% higher, while Fox added 1.09%.

Dow Jones - Risers

Dowdupont Inc. (DWDP) $71.14 1.28%
Procter & Gamble Co. (PG) $86.94 1.08%
Coca-Cola Co. (KO) $45.94 1.03%
Walt Disney Co. (DIS) $101.61 0.96%
Caterpillar Inc. (CAT) $138.81 0.80%
Boeing Co. (BA) $266.05 0.78%
McDonald's Corp. (MCD) $170.75 0.41%
General Electric Co. (GE) $20.21 0.40%
International Business Machines Corp. (IBM) $151.35 0.34%
Apple Inc. (AAPL) $174.81 0.32%

Dow Jones - Fallers

JP Morgan Chase & Co. (JPM) $98.75 -2.01%
Nike Inc. (NKE) $55.15 -1.59%
Goldman Sachs Group Inc. (GS) $239.81 -1.51%
American Express Co. (AXP) $95.36 -0.96%
Merck & Co. Inc. (MRK) $55.59 -0.52%
Home Depot Inc. (HD) $163.66 -0.34%
Microsoft Corp. (MSFT) $84.27 -0.24%
Exxon Mobil Corp. (XOM) $83.58 -0.20%
3M Co. (MMM) $229.83 -0.11%
Cisco Systems Inc. (CSCO) $34.40 -0.03%

S&P 500 - Risers

GGP Inc (GGP) $22.20 16.78%
Macerich Co (MAC) $58.76 8.43%
Expeditors International Of Washington Inc. (EXPD) $62.04 7.91%
Tenet Healthcare Corp. (THC) $13.21 4.43%
CVS Health Corp (CVS) $68.95 3.22%
Royal Caribbean Cr (RCL) $129.18 3.10%
FMC Corp. (FMC) $93.02 2.80%
Simon Property Group Inc. (SPG) $158.93 2.62%
QUALCOMM Inc. (QCOM) $64.10 2.53%
Viacom Inc. Class B (VIAB) $24.78 2.48%

S&P 500 - Fallers

Mallinckrodt Plc Ordinary Shares (MNK) $20.11 -35.50%
TripAdvisor Inc. (TRIP) $30.35 -23.22%
Priceline Group Inc (PCLN) $1,645.72 -13.52%
CF Industries Holdings Inc. (CF) $36.86 -5.92%
Endo International Plc (ENDP) $5.93 -4.97%
Coca-Cola European Partners Limited (CCE) $37.90 -4.94%
Kohls Corp. (KSS) $40.69 -4.53%
Skyworks Solutions Inc. (SWKS) $111.19 -4.42%
Microchip Technology Inc. (MCHP) $91.44 -4.11%
GameStop Corp. (GME) $17.12 -4.04%

Nasdaq 100 - Risers

Walgreens Boots Alliance, Inc. (WBA) $67.92 3.00%
Incyte Corp. (INCY) $108.14 2.57%
QUALCOMM Inc. (QCOM) $64.10 2.53%
Viacom Inc. Class B (VIAB) $24.78 2.48%
Comcast Corp. (CMCSA) $36.39 2.39%
JD.com, Inc. (JD) $39.79 2.00%
Mondelez International Inc. (MDLZ) $41.21 1.95%
KLA-Tencor Corp. (KLAC) $107.50 1.89%
Micron Technology Inc. (MU) $43.95 1.62%
Intuitive Surgical Inc. (ISRG) $391.04 1.61%

Nasdaq 100 - Fallers

Priceline Group Inc (PCLN) $1,645.72 -13.52%
Skyworks Solutions Inc. (SWKS) $111.19 -4.42%
Microchip Technology Inc. (MCHP) $91.44 -4.11%
Liberty Interactive Corporation QVC Group (QVCA) $21.55 -3.10%
Expedia Inc. (EXPE) $119.61 -2.74%
Broadcom Limited (AVGO) $271.32 -2.23%
American Airlines Group (AAL) $46.46 -2.21%
Netflix Inc. (NFLX) $195.89 -2.12%
Western Digital Corp. (WDC) $86.09 -2.00%
Mylan Inc. (MYL) $36.67 -1.93%