House Democrats contend the $15 per hour minimum wage bill will lift workers who have not seen the benefits of a strong economy.Politicsread more
Microsoft beat on top and bottom lines but Azure growth slowed.Technologyread more
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President Trump said he's looking at the JEDI Contract that will be awarded to Microsoft or Amazon.Technologyread more
Business advocacy organizations sharply criticized the House of Representatives for passing a bill to raise the minimum wage to $15, saying it would be a costly job killer.Politicsread more
Wealthy clients liquidate some investments every year to cover their tax bill, so presumably this was higher than what Morgan Stanley has seen previously.Financeread more
For the rally to last, the jump higher in stocks this week will need to be supported by cyclical stocks, JPMorgan told clients.
"The leadership shift away from dividend payers needs to stick for the breakout rally to have legs, " read the technical note from the investment bank.
In the first half of the year, the hunt for yield led investors to overweight sectors like utilities and telecoms, known for their low-beta qualities and above-average dividend payments. That trend, however, reversed in the past few days, as market participants bought stocks that are more sensitive to the economic cycle.
"In our view, that new dynamic needs to develop into a lasting trend for the breakout rally to extend through the next layer of resistance at 2,169-2,183," technical analysts at JPMorgan wrote, an upward move of as much as 1.4 percent from Wednesday's close.