Carlos Slim to Trim New York Times Stake: LIVE MARKETS BLOG

 | Dec 19, 2017 | 1:50 PM EST
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U.S. futures were rising premarket Tuesday, indicating a strong opening for markets and a new record high for the Dow Jones Industrial Average.

Dow futures climbed 0.23% while S&P 500 and Nasdaq futures rose 0.12% and 0.03%, respectively.

Major indices around the world were mixed in Asian and European markets.

Now that Republican party leaders have agreed on the final text of their tax bill, the House is expected to vote on Tuesday, and the Senate either tonight or Wednesday morning. The bill, which is expected to pass on party lines, is expected to be on President Trump's desk for signature before Christmas.

Holiday Spending Intentions Will Top $900

The CNBC All-America Survey found that average holiday spending intentions will top $900 for the first time in the 12-year history of the poll, eclipsing last year's estimate of $702 by a wide margin.

The survey of 800 Americans nationwide, with a margin of error of plus or minus 3.5 percentage points, found a surge in the percentage of Americans planning to spend more than $1,000, to 29% from 24%.

Separately, the surging interest of large fund managers has made owning bitcoin the market's most crowded trade, according to a Bank of America Merrill Lynch survey of 203 fund managers overseeing $558 billion.

Specifically, 32% of investors surveyed in December said they viewed being long bitcoin as the most crowded position.

UPS Reserves 125 Tesla Electric Semi Tractors

United Parcel Service, Inc.  (UPS) , which operates one of the largest commercial trucking fleets in the world, today announced it has placed a reservation for 125 of Tesla Inc.'s (TSLA) new fully-electric Semi tractors.

The new tractors will join UPS's extensive alternative fuel and advanced technology vehicle fleet, comprised of trucks and tractors propelled by electricity, natural gas, propane and other non-traditional fuels. 

Tesla's Semi tractor claims up to 500 miles range on a single charge, enhanced on-road safety and significantly reduced long-term cost of ownership.

Carlos Slim to Trim New York Times Stake

Carlos Slim, the Mexican billionaire, is expected to cut his stake in the New York Times Co. (NYT)

Slim's company sold $250 million of trust securities to hedge funds earlier this month, which gives the buyers "a claim on" 9% position in the media company, according to a person with knowledge of the matter, Bloomberg reported.

The trust securities will convert into New York Times shares in three years. Following the conversion, he'll own 8% of the company.

Slim owned 17% of the company as of July 28, according to FactSet.

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