Tax bill euphoria; Uber setback; Bitcoin tumbles

premarket wednesday
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1. Trump's first big legislative win: Stocks markets are loving the tax bill.

U.S. futures were pointing higher Wednesday after the Senate approved the final version of the biggest tax code overhaul in over 30 years.

The bill now heads back to the House for one more vote before landing on President Trump's desk.

The plan drops the corporate tax rate from 35% to 21%, repeals the corporate alternative minimum tax, nearly doubles the standard deduction for individuals and restructures the way pass-through businesses are taxed.

The bill keeps seven personal income tax brackets. It lowers tax rates for most of the brackets, including dropping the top rate to 37% from 39.6%.

Critics say the bill is heavily weighted to ease the tax burden of businesses rather than the middle class. It has also been criticized for being at odds with international trade laws.

2. Uber setback in Europe: Uber has suffered a major setback after Europe's top court ruled that it should be regulated as a transportation firm.

Uber had argued it is a tech company, not a taxi service. The startup is likely to face more regulatory oversight as a taxi company.

3. Bitcoin tumbles: Bitcoin dropped below $17,000 on Wednesday, according to pricing service Coindesk. The digital currency had been trading near $20,000 earlier this week.

Bitcoin prices are extremely volatile, and experts have warned the markets is a bubble. On Wednesday, a bitcoin exchange in South Korea closed up shop after being hacked.

4. Global market overview: European markets opened mostly lower. Asian markets ended the session mixed.

U.S. crude futures were 0.4% higher at $57.70 per barrel.

U.S. stocks backed away from record highs on Tuesday. The Dow Jones industrial average shed 0.2%, while the S&P 500 dropped 0.3% and the Nasdaq lost 0.4%.

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5. Earnings and economics: Blackberry (BB) and General Mills (GIS) will release earnings before the open, while Bed Bath & Beyond (BBBY) will follow after the close.

Data on existing home sales in November will be published at 10:00 a.m. ET.

The International Monetary Fund will release its latest report on the British economy. The U.K. has been growing at slower rate than its peers, amid the uncertainty surrounding its pending exit from the EU.

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6. Coming this week:
Wednesday -- General Mills earnings
Thursday -- Nike earnings; Final estimate on 3Q U.S. GDP
Friday -- El Gordo lottery in Spain