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Wall Street is on track for a strong rebound as GOP tax bill heads for finish line

BY THE NUMBERS

After Tuesday's slide on Wall Street, U.S. stock futures were sharply higher this morning ahead of a final tax bill vote by the House today. The stock market had been rallying strongly in anticipation of approval, and the Dow and S&P 500 remain on pace for a ninth straight monthly gain. (CNBC)

Shares of Apple (AAPL), a Dow component that also carries heavy sway in the S&P 500 and the Nasdaq, were steady in premarket trading this morning. The tech stock pushed the broader sector lower Tuesday after Nomura Instinet issued a rare downgrade, citing the late innings in the iPhone cycle. (CNBC)

Bitcoin on the Coinbase platform this morning was about 4 percent higher. On Tuesday, it fell 10 percent after Coinbase announced support for bitcoin cash. Bitcoin cash split off from the original digital currency after a group of developers decided to try to improve bitcoin transaction speeds and costs. (CNBC)

* Bitcoin valuation is exceptionally ambiguous: Nobel-winner Robert Shiller (CNBC)
* Cramer's charts reveal bitcoin is not replacing gold anytime soon (CNBC)
* Litecoin founder Charlie Lee says he's sold all his holdings in the cryptocurrency (CNBC)

Housing-related data dominates today's economic numbers, with the National Association of Realtors issuing November existing home sales at 10 a.m. ET. Meanwhile, weekly mortgage applications sank 4.9 percent as homebuyers pull back. (CNBC)

BlackBerry (BB) were surging about 8 percent in the premarket this morning after beating estimates on quarterly earnings and revenue. General Mills (GIS) and Winnebago (WGO) also issued earnings before-the-bell. Meanwhile, Bed Bath & Beyond (BBBY) and Herman Miller (MLHR) are out with their numbers after this afternoon's closing bell. (CNBC)

Stitch Fix (SFIX) shares were falling about 12 percent following the company's first earnings report since going public in November. The apparel company last night said its bottom line was impacted by expenses related to expanding into plus-size clothing. (CNBC)

IN THE NEWS TODAY

Senate GOP passed a dramatic overhaul of the American tax system early this morning, putting the plan another House vote away from President Donald Trump's desk after Senate rules forced them to make last-minute changes. (CNBC)

* Here are five breaks you'll miss the most in the tax bill (CNBC)
* 4 winners and 4 losers from the Republican tax bill (Vox)
* Poll: Only 24% of Americans think tax plan is a good idea (CNBC)
* Poll: Most Americans think Dems would do a better job on economy (CNBC)

Amid the threat of a federal government shutdown, House Republicans this morning were expected to delay a vote on a stopgap spending bill. Republicans and Democrats were divided and GOP aides reportedly said there weren't enough votes to pass it. (WSJ)

The White House and top senators are reportedly laying the groundwork for a deal next month to resolve the fate of undocumented immigrants who came to the U.S. as children, or so-called Dreamers. Trump ended the DACA program earlier this year. (Politico)

Europe's highest court ruled this morning that Uber is a transportation firm, not a digital company. The verdict is a long-awaited judgment expected to have major implications for how Uber is regulated throughout Europe. (CNBC)

The investigation into the deadly Amtrak crash near Seattle is possibly focusing on an engineer distracted by a cellphone and excessive speed. At least three people died after the train derailed. Reports say it was travelling 80 miles per hour in a 30 mph zone. (NY Times)

Twelve people died and 18 others were injured Tuesday in Mexico's state of Quintana Roo after a tour bus lost control and rolled over. The bus was carrying 31 passengers, including citizens of the United States, Brazil and Sweden. (Reuters)

As fire officials braced for a new round of strong winds this morning, thousands of people under wildfire evacuation orders in Southern California were wondering if they'll be home for the holidays. The devastating fire has destroyed at least 750 homes. (AP)

Saudi Arabia's announced its largest budget ever in a major effort to reshape its economy away from energy as part of Crown Prince Mohammed Bin Salman's bold reform agenda. (CNBC)

Ambassador Nikki Haley is serving notice that the U.S. "will be taking names" on a U.N. General Assembly vote tomorrow on a nonbinding resolution criticizing President Trump's decision to recognize Jerusalem as Israel's capital. (AP)

Cardinal Bernard Law, who was forced to resign as archbishop of Boston amid Church sex abuse scandal, died today in Rome at the age of 86. In 2002, Law resigned after reports he moved paedophile priests between parishes without informing authorities. (BBC)

STOCKS TO WATCH

FedEx (FDX) reported an adjusted quarterly profit of $3.18 per share compared to a consensus estimate of $2.88. Revenue also beat forecasts, with daily average package volume up 7 percent compared to a year earlier. However, FedEx did say results were negatively impacted by ongoing effects from an earlier cyberattack on its TNT Express unit.

Micron Technology (MU) beat estimates by 24 cents with adjusted quarterly profit of $2.45 per share, while the chipmaker's revenue also topped forecasts. Micron also gave strong current quarter guidance, amid increasing demand from computer and smartphone makers.

Red Hat (RHT) came in 2 cents ahead of consensus with adjusted quarterly profit of 73 cents per share, while the Linux software provider saw revenue beat forecasts as well. Red Hat also gave an upbeat current quarter forecast.

WATERCOOLER

Variety's chief film critics released their choices for the top 10 worst films of 2017. The list includes "Jumanji: Welcome to the Jungle," a sequel to the popular 1995 movie, "The Emoji Movie," and "The Book of Henry."