U.S. averages gave back their earlier gains to close the day in the red across the board Thursday.
Florida Sen. Marco Rubio's decision to vote against the pending bill if a child tax credit is not introduced threw a monkey wrench into what was expected to be a razor-thin voting margin.
The Dow Jones Industrial Average declined 0.31%, the S&P 500 fell 0.41% and the Nasdaq dropped 0.28%.
FCC Votes to Repeal Net Neutrality
The Federal Communications Commission came back from a brief, security-induced recess to vote away the Obama-era net protections known as net neutrality Thursday.
The commission approved FCC Chairman Ajit Pai's plan to cancel the Obama-era rules that require internet service providers to treat all web traffic equally.
Pai argues that the rules are too intrusive and hurt innovation rather than protecting consumers. Pai is siding with the major broadband industry players who have been very vocal about their opposition to the rules.
Samsung Presses Brakes on Galaxy S9 Redesign
Samsung (SSNLF) is reportedly shelving plans to redesign its Galaxy S9 smartphone, instead opting to just update the device for its next release.
Twitter user, and gadget insider Ice universe claims to have insider knowledge of the company's plan.
Disappointed, the S9 on the left did not pass the test and was killed, on the right is the real S9, which is almost the same as S8. pic.twitter.com/rrREFRKuq6
— Ice universe (@UniverseIce) December 14, 2017
Gadget watchers were expecting a revolutionary follow-up to the company's extremely well received Galaxy S8 phone after Apple (AAPL) unveiled the iPhone X.
Delta Announces Deal to Buy 100 Airbus Jets
Delta (DAL) announced plans to purchase 100 Airbus 321neo aircraft with deliveries of the fleet set to begin in 2020.
"This is the right transaction at the right time for our customers, our employees and our shareholders," said Delta CEO Ed Bastian. "Delta, Airbus and Pratt & Whitney share the same commitment to safety, efficiency, innovation and continuously improving the customer experience."
The purchase comes as Delta remains in the middle of a dispute between American planemaker Boeing (BA) and Canadian plane maker Bombardier. Boeing has petitioned the U.S. government to review the sale of Bombardier planes to Delta due to what it described as unfair pricing.
Bombardier is subsidized by the Canadian government, and Boeing claims the sale to Delta was facilitated by an unfair pricing advantage. The U.S. Commerce Department has threatened to place a 300% tariff on the transaction.
Netanyahu Is Bullish on Bitcoin
Israeli Prime Minister Benjamin Netanyahu believes banks are going the way of the dinosaur, and bitcoin may be the meteor that brings about its extinction.
The head of state appeared on a youtube video posted December 12 where he ponders in Hebrew "Is the fate of banks that they will eventually disappear? Yes. The answer is yes." He continued: "Does it need to happen tomorrow? And do we need to do it through Bitcoin? That's a question mark."
The 70-second video shows Netanyahu discussing the function of banks, which he says act as middlemen and to protect their customers by offsetting risks and preventing theft, according to ETHNews. "The truth behind what I just said is what's propelling bitcoin upwards," Netanyahu concluded.
FCC Expected to Repeal Net Neutrality Rules
The Federal Communications Commission is expected to vote along party lines and approve Chairman Ajit Pai's plan to cancel the Obama-era rules that require internet service providers to treat all web traffic equally.
Pai argues that the rules are too intrusive and hurt innovation rather than protecting consumers. Pai is siding with the major broadband industry players who have been very vocal about their opposition to the rules.
U.S. Shale Presents Problem for OPEC in 2018
The International Energy Association says that U.S. shale production will give OPEC fits in 2018, according to a report released Thursday.
The industry watchdog says that the rise in U.S. crude oil supply will likely to continue into 2018, running counter to the oil cartel's strategy to increase oil prices by limiting supply.
The IEA forecast that non-OPEC oil supplies will rise by 1.6 million barrels per day next year, up from the 600,000 barrels per day supply in 2017.
"Just as the OPEC oil ministers were sitting down in Vienna, our colleagues at the U.S. Energy Information Administration released data showing that for September U.S. crude oil output increased month-on-month by 290,000 b/d to reach 9.48 million barrels a day, the highest monthly average since April 2015 and 928,000 b/d above a year ago," the IEA said.
In other oil news, it seems Saudi Aramco is looking to purchase oil refineries ahead of its IPO. Real Money's Antonia Oprita has more on that here.
Disney Purchases Fox Assets for $52.4 Billion
Disney (DIS) is expanding its media empire by agreeing to terms with 21st Century Fox (FOXA) to purchase most of its assets for $52.4 billion. Disney will acquire Fox's film and television production divisions and Fox will hold onto its Fox Business, Fox Sports, Fox television network and Fox News assets.
Disney will also acquire a majority stake in streaming service Hulu through the deal with Fox transferring its 30% share to the company. Disney will now have a 60% stake in Hulu.
Disney CEO Bob Iger extended his contract with the company through 2021 as part of the deal.
Premarket
U.S. futures were rising premarket Thursday indicating a strong opening for markets and a new record high for the Dow Jones Industrial Average.
Dow futures climbed 0.12% while S&P 500 and Nasdaq futures rose 0.04% and 0.05% respectively.
Major indices around the world were struggling with the major Asian and European markets falling across the board.
A day after the U.S. Federal Reserve said that it would raise interest rates to 1.5% from 1.25%, the European Central Bank announced that it would not raise rates. The Bank of England also kept rates the same.
