What you need to know on Wall Street today
On February 9, President Donald Trump told a gathering of manufacturing CEOs at the White House he would release something in "two or three weeks" that would be "phenomenal in terms of tax."
Almost eight months later, that tax plan is finally here - most of it, at least.
Trump and the "Big Six" group of Republican tax negotiators on Wednesday rolled out the most detailed look yet at the plan. It is the opening salvo of what is likely to be a long process to attempt to overhaul the tax code.
Here's what you need to know:
- IT'S HERE: All the details of Trump's massive tax plan
- Trump's tax plan is here - here's how Wall Street says to trade it
- Trump's tax plan could bring $250 billion into the US - here are the companies set to benefit most
- There are still huge parts missing from the newest Trump tax plan
- JOSH BARRO: This tax plan is a looming political disaster for Republicans
Elsewhere in Wall Street news, a $96 billion fund firm created an artificial intelligence hedge fund, but freaked out when it couldn't explain how it made money. Mike Novogratz, the former chief investment officer at $72 billion fund firm Fortress, is starting a $500 million cryptocurrency hedge fund. And Morgan Stanley CEO James Gorman says bitcoin is "more than just a fad."
In corporate news:
- Boeing scored a big victory against its Canadian rival, but it may start a nasty trade war
- Tesla won't make much money on the Model 3 - but bullish investors don't seem to care
- Here's what analysts are saying about Nike's lukewarm earnings report
- The world's biggest hotel chain is making big changes to defy the threat of Airbnb
- A 9 year-old wrote the Toys R Us bankruptcy judge a letter to explain why closing the chain will be bad for kids
- Ford is teaming up with Lyft to put thousands of its self-driving cars on the roads
Lastly, here's everything that could cause the next financial crisis, according to Deutsche Bank.