US stocks couldn't keep up Thursday’s positivity and it was a case of what drives stocks up can pull stocks down. And yep, it’s all about Donald Trump’s tax cuts, with some doubts about the bill being passed soon, again worrying Wall Street.
In case you missed it, some nincompoop Republicans in the US Senate — supposedly the President’s allies — could stand in the way of the tax cuts. This not only means a delay of the cuts being passed but a possible delay of the starting date and some changes to the actual tax measures.
At this stage, the potential obstacles to the bill getting passed in the Senate have the capability of really hurting stocks and that’s why Wall Street was negative, though not dramatically, on Friday.