Technology stocks surged today after the administration announced plans to virtually eliminate taxes on repatriated funds from operations overseas. This would take the form of a ‘one-time tax’ and it is unclear if it is simply meant as a one time measure, or an ongoing cut. In either case, many tech companies have literally trillions of dollars overseas and investors were excited by the possibility of that money returning to the US. The general technology sector was up 0.6% today, while the companies with the most to gain from this move (Apple, Microsoft, and Facebook) were each up more than 1.5% today.
Volatility continues to decrease as uncertainty surrounding the Flynn probes returns to normal levels. It is pretty likely that volatility will increase dramatically in coming weeks, this was just the spike on news that the probes were starting. Relatively few revelations have come to light so far, but it is fairly likely that at least something will come of these probes into possible collusion with a foreign power.