Tax reform - Equities retreated

Tax reform was in focus today as the vote is expected on Tuesday next week. As couple of undecided republicans made some public comments, the markets starting correcting mid-day and we can expect a bounce-back based on how the markets perceive the chances of tax bill passing next week. Senator Rubio is rumored to be voting against the bill. This kind of chatter can keep the stocks in check over rest of the week.

Disney's deal to buy Fox has gone forward and it seems the consolidation and M&A will keep driving the market. Semiconductor sector is taking a breather as well. Technology sector is ripe for another upmove if the tax bill passes next week.