The S&P and the Nasdaq were on track to post their biggest one-day percentage losses in about two weeks as doubts on whether Republican would be a able to pulloff their promised tax-cut plan weighed on the markets.
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A U.S. Senate tax-cut bill, different from one already in the House of Representatives, was expected to be unveiled on Thursday, complicating the tax overhaul push by the Trump administration.
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“At the end of the day some version will get passed but it will be watered down. There is too much resistance from special interest groups and budget hawks and there is a fear that the tax cuts will be in name only.”