WEDNESDAY 8/16/17; Italy Q2 GDP; UK Wages; TGT; Housing Starts; NAFTA Renegotiations Begin; President Trump Disbands Manufacturing Council; FOMC Minutes; CSCO; LB; NTAP

S&P -2. Dow -4. Nasdaq -5. Euro 1.1735. Dollar/yen 110.60. Pound 1.2868. USD 93.83. WTIC oil 47.67. Brent oil 51.00. Natural gas 2.92.

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Market participants are thinking that the breakdown and disbanding of the President’s Council today likely indicates that tax reform, infrastructure and other items on Trump’s agenda will be pushed into next year. This would be disappointing for Wall Street.