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Markets pause as GOP celebrates tax bill win

Stocks were actually lower today as President Trump and the GOP score a huge legislative victory. Plus, critics are calling the tax bill a catastrophe — will it be? We take a look. And bitcoin is dropping and nearing bear market territory. Is the shine wearing off 2017’s biggest trade? Plus a look ahead to everything you need to know about tomorrow, which will be a big day for the world’s largest athletic apparel and shoe-maker.

Winners and losers

Stocks in the red today include Stitch Fix as the personal styling company’s profits were squeezed by spending on new apparel categories, Red Hat despite an earnings beat as cloud revenue growth was lower than a year ago, and Chipotle — more woes for the fast-casual chain on reports officials in LA are investigating a food-borne illness outbreak.

Stocks in the green include Helios and Matheson as MoviePass, which it owns, reached 1 million subscribers, Micron as the chipmaker beat on earnings and lifted its guidance, and Fedex — shares are getting a lift as the world’s largest express shipper handily beat on the top and bottom line, and its full-year profit guidance.