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Tax bill euphoria; Uber setback; Bitcoin tumbles

1. Trump's first big legislative win: Stocks markets are loving the tax bill....

Posted: Dec 20, 2017 1:31 PM
Updated: Dec 20, 2017 1:31 PM

1. Trump's first big legislative win: Stocks markets are loving the tax bill.

U.S. futures were pointing higher Wednesday after the Senate approved the final version of the biggest tax code overhaul in over 30 years.

The bill now heads back to the House for one more vote before landing on President Trump's desk.

The plan drops the corporate tax rate from 35% to 21%, repeals the corporate alternative minimum tax, nearly doubles the standard deduction for individuals and restructures the way pass-through businesses are taxed.

The bill keeps seven personal income tax brackets. It lowers tax rates for most of the brackets, including dropping the top rate to 37% from 39.6%.

Critics say the bill is heavily weighted to ease the tax burden of businesses rather than the middle class. It has also been criticized for being at odds with international trade laws.

2. Uber setback in Europe: Uber has suffered a major setback after Europe's top court ruled that it should be regulated as a transportation firm.

Uber had argued it is a tech company, not a taxi service. The startup is likely to face more regulatory oversight as a taxi company.

3. Bitcoin tumbles: Bitcoin dropped below $17,000 on Wednesday, according to pricing service Coindesk. The digital currency had been trading near $20,000 earlier this week.

Bitcoin prices are extremely volatile, and experts have warned the markets is a bubble. On Wednesday, a bitcoin exchange in South Korea closed up shop after being hacked.

4. Global market overview: European markets opened mostly lower. Asian markets ended the session mixed.

U.S. crude futures were 0.4% higher at $57.70 per barrel.

U.S. stocks backed away from record highs on Tuesday. The Dow Jones industrial average shed 0.2%, while the S&P 500 dropped 0.3% and the Nasdaq lost 0.4%.

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5. Earnings and economics: Blackberry and General Mills will release earnings before the open, while Bed Bath & Beyond will follow after the close.

Data on existing home sales in November will be published at 10:00 a.m. ET.

The International Monetary Fund will release its latest report on the British economy. The U.K. has been growing at slower rate than its peers, amid the uncertainty surrounding its pending exit from the EU.

Download CNN MoneyStream for up-to-the-minute market data and news

6. Coming this week:
Wednesday -- General Mills earnings
Thursday --
Nike earnings; Final estimate on 3Q U.S. GDP
Friday -- El Gordo lottery in Spain

Minnesota Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 142311

Reported Deaths: 2472
CountyConfirmedDeaths
Hennepin35484995
Ramsey14726372
Dakota10271139
Anoka9344155
Washington636273
Stearns625550
Scott360436
Olmsted340230
St. Louis325874
Wright273116
Clay252944
Nobles234318
Blue Earth21147
Carver18887
Sherburne183122
Kandiyohi18215
Rice170210
Mower154518
Winona133619
Chisago11562
Crow Wing114322
Benton103311
Lyon10306
Beltrami9618
Otter Tail9508
Waseca94510
Todd8967
Polk8364
Morrison8259
Steele8013
Itasca78817
Douglas7744
Nicollet77118
Freeborn7185
Le Sueur6646
Goodhue65111
Martin62618
Becker6214
McLeod6214
Isanti5995
Watonwan5824
Pine5770
Carlton5092
Chippewa4733
Mille Lacs44918
Hubbard4344
Cass4225
Wabasha4141
Dodge4130
Pipestone36617
Meeker3593
Rock3595
Brown3483
Roseau3300
Redwood29912
Yellow Medicine2986
Murray2973
Cottonwood2950
Fillmore2770
Renville27213
Sibley2663
Wadena2643
Faribault2520
Houston2381
Unassigned23853
Kanabec23710
Swift2252
Jackson2211
Pennington2181
Aitkin1982
Stevens1941
Lincoln1930
Koochiching1755
Pope1680
Big Stone1591
Marshall1511
Lac qui Parle1453
Wilkin1454
Clearwater1381
Norman1340
Lake1330
Mahnomen1292
Grant1054
Red Lake822
Traverse590
Kittson530
Lake of the Woods441
Cook190

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 122218

Reported Deaths: 1691
CountyConfirmedDeaths
Polk19732289
Woodbury743799
Linn6038133
Johnson602431
Black Hawk5974102
Dubuque550658
Scott487343
Story411118
Dallas357347
Pottawattamie337845
Sioux254417
Buena Vista230212
Marshall212236
Webster196015
Plymouth172831
Wapello158962
Clinton156228
Muscatine153958
Des Moines151611
Cerro Gordo150227
Crawford138714
Warren13137
Carroll120413
Jasper119734
Henry11245
Marion106811
Lee101312
Tama100538
Delaware82713
Dickinson7939
Wright7591
Boone7509
Mahaska73824
Bremer7199
Harrison69716
Washington69311
Jackson6853
Benton6482
Lyon5688
Clay5574
Louisa54415
Winnebago52119
Cedar5087
Winneshiek5079
Hardin5017
Jones5004
Kossuth4970
Clayton4923
Buchanan4875
Hamilton4825
Poweshiek47611
Floyd46211
Emmet45321
Iowa4429
Cass4233
Mills4233
Guthrie42015
Page4200
Cherokee4122
Sac4114
Butler4083
Fayette4064
Shelby4022
Allamakee3999
Franklin39518
Madison3743
Chickasaw3731
Hancock3676
Humboldt3593
Clarke3573
Grundy3406
Palo Alto3292
Calhoun3264
Osceola3020
Mitchell2961
Howard2879
Monroe27212
Union2645
Taylor2602
Jefferson2591
Appanoose2503
Monona2492
Pocahontas2442
Fremont2152
Lucas2136
Ida2122
Adair1971
Greene1930
Montgomery1907
Davis1884
Van Buren1882
Keokuk1731
Decatur1620
Audubon1601
Worth1470
Wayne1373
Ringgold992
Adams841
Unassigned60
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