9:22 AM ET: The Dow and S&P both turn higher after the House passes its tax cut bill
According to various reports, the Senate will also vote on the tax bill today.
9:35 AM ET: Twitter is down 11% in after-hours trading
The microblogging website lost 0.93% in after-hours trading.
The crash comes amid a big shift in investor sentiment in the stock market.
Reuters reported that the sell-off began just after 1:30 p.m. ET.
“There’s a lot of institutional selling going on,” said Daniel Morris, vice president at E*Trade.
“Now that we’ve sold off, especially in the 1 p.m. hour, you want to trade positions from when you think of having been buying. That’s what’s happened here.”
The buy-and-hold investor movement has wiped out more than $147 billion in market value since Wednesday.
9:22 AM ET: The Institute for Supply Management releases data on the U.S. manufacturing sector
The Institute for Supply Management releases its manufacturing and service sector PMI numbers at 10:00 a.m. ET.
According to Reuters, the gauge will likely come in higher than April’s reading of 51.2.
9:15 AM ET: In related news, The Wall Street Journal reports that Harvey Weinstein, accused of sexual misconduct, could become a witness in the investigation of how Harvey Weinstein allegedly frolicked with women at the Plaza Hotel in New York City. Weinstein is scheduled to appear before the council of the Manhattan District Attorney’s Office today to discuss potential charges.
9:12 AM ET: The FT reports that Republicans will still need to offset the first of the planned tax cuts by cutting spending
The tax relief bill, which has been making its way through the House, will not include a provision for up to $1.5 trillion in tax cuts, according to several sources familiar with the budget process. Instead, House Republicans will continue to attempt to offset the new tax cuts by cutting spending, such as eliminating deductions and reducing or eliminating tax breaks for businesses.
“Republicans are out there kicking at this idea of how the tax cuts would work,” one of the sources said. “There are ideas, but the idea is that they’re kicking at this idea of tax cuts and not at the idea of spending cuts.”
9:07 AM ET: A CBO report says that the U.S. economy has shrunk in real terms for the first time since 2015.
The report, which will be released as part of the Federal Reserve’s second meeting of the year, said that the gross domestic product was dented by a 6.3% drop in production between January and March as well as a 5.3% drop in residential investment.
“After outpacing GDP for the past two quarters, and gaining momentum in the first quarter, growth has been dented in recent months by government shutdowns and increased public sector hiring, combined with a declining housing market and businesses cutting back on equipment and software spending,” the report said.
9:00 AM ET: Let’s take a look at some of the best #BuytheDip memes in the market today.
Image: Yaran Oster/Shutterstock