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Trump Tax Cut Odds Start to Make Waves Again in the Stock Market

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September 27, 2017

Amid FANG flu and another trash rally, a trade tied to Donald Trump has come quietly back into vogue with U.S. equity investors.

It’s buying stocks seen benefiting the most from the president’s promised tax cuts. A Goldman Sachs basket of companies that pay the highest rates just beat the market for a fifth straight day.

The rally reincarnates a trade that ascended after the November election and then died. Arousing interest is Trump’s focus on one of his signature campaign promises to domestic businesses. He and Republican congressional leaders plan to preview their bill on Wednesday and the president said he expects the House will approve a version in October and the Senate by year’s end.

“Investor expectations for tax reform are rising,” Goldman strategists led by Arjun Menon and David Kostin, wrote in a note Monday. “The start of tangible activity on tax reform should continue to increase the perception that tax reform is likely.”

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This article was posted: Wednesday, September 27, 2017 at 8:24 am

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