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Tax Reform, Election Wins for Democrats and Snap - 5 Things You Must Know

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Here are five things you must know for Wednesday, Nov. 8:

1. -- U.S. stock futures were trading with slight losses on Wednesday, Nov. 8, after a report said Senate Republicans could delay corporate tax cuts and alter other aspects of the tax reform bill supported by Donald Trump.

The Washington Post, citing people familiar with a draft of the legislation, reported that Senate Republicans were exploring postponing the $845 billion corporate tax cut until 2019, according to four people familiar with a draft of the legislation. At the same time, Republican senators were planning to eliminate the state and local tax deduction, going further than the House, which retained part of the popular tax break, the people told the Post.

Senate Finance Committee Chairman Orrin Hatch is scheduled to reveal details of the Senate bill on Thursday, Nov. 9.

The dollar index slipped slightly to 94.84. Shares in London were higher but other European markets traded to the downside early Wednesday. Asia shares finished the session mixed.

The economic calendar in the U.S. on Wednesday includes the Oil Inventories report for the week ended Nov. 3, at 10:30 a.m. ET.

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2. -- Democrat Ralph Northam beat Republican Ed Gillespie in the race for Virginia governor, while voters in New Jersey elected Democrat Philip Murphy, a former executive at Goldman Sachs, as their next governor.

But Trump also distanced himself from Gillespie, saying that Gillespie "did not embrace me or what I stand for."

The Democratic mayors of New York and Boston, both vocal Trump critics, also easily won re-election.

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3. -- Snap Inc. ( SNAP) turned higher in premarket trading after it was reported that China's Tencent Holdings ( TCEHY) has built a 10% stake in the struggling social media company.

The company reported a loss of $443.2 million, or 14 cents a share, on revenue of $207.9 million. Analysts were looking for a loss of $393.8 million, or 15 cents a share, on revenue of $235.5 million.

Snap has suffered from a losing streak ever since going public in March, failing to exceed Wall Street's expectations in all three of its earnings reports as a public company.

Following the release of the results, Snap surprised investors when it announced that it plans to completely redesign the Snapchat app. CEO Evan Spiegel also warned that there's a "strong likelihood" the design overhaul will be disruptive to Snap's business in the short term. Spiegel didn't specify when the Snapchat redesign would be rolled out.


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