Stocks moved further into the red by the closing bell Monday as Wall Street wrestled with how a proposed phase-in corporate tax rate cut could affect U.S. firms. The Dow Jones Industrial Average was lower about 0.3%. The S&P 500 slipped around the same amount, and the Nasdaq dipped as low as 0.1%.
House Republicans are said to consider a gradual corporate tax rate cut that would be implemented over the next five years. The proposed plan would have the current 35% rate cut by three percentage points each year, ultimately reaching 20% in 2022. Republicans have insisted that the proposed plan will help the Middle Class, but there are so far few details surrounding the legislation. A bill could be made public as early as Wednesday.
Shares of both Sprint (S) and T-Mobile (TMUS) were lower Monday after news broke that a merger between the two could be called off. Sprint parent Softbank (SFTBF) and T-Mobile parent Deutsche Telekom reportedly can't reach an agreement over who will run what should the two firms merge. While insiders told the Nikkei Asian Review that the merger would soon officially be called off, other sources have said the deal has just reached a speedbump.
Apple (AAPL) got a big lift Monday and scored a new intraday record high as reports surfaced that its new iPhone TEN is already in high demand. The phone went up for sale Friday and could take between five and six weeks to ship. It carries a hefty $999 price tag, but also offers high tech advancements including a bigger screen and Face ID technology.
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