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>> But this doesn't have to be the end of the story.>> The failure of Republicans to make good on a seven year promise to fix healthcare, making the dollar feel a little queasy. The US currency slumping Tuesday to a ten month low as confidence in President Trump's ability to push through his ambitious agenda gets pummeled.
Investors worried the debate over healthcare has laid open a rift inside Trump's Republican party that could threaten plans for things like tax reform, infrastructure spending, and the roll back of Obama era regulations of the financial sector. But the fallout in the market so far, limited to the dollar, and the counteraction of investors running to the safety of government bonds.
The stock market, however, that's another story, according to Reuters markets correspondent, Rodrigo Campos.>> First of all, because we're in earning season, and we're in the thick of earnings, and that becomes very important every time, every quarter. The Trump trade favors more industrial, some commodities like steel and energy sectors.
But technology is not part of that trade, and it has been the leader for most of the year on the expectation that, well, on bets, that where the main business friendly proposals of the Trump administration are going to be pushed back, at least through next year.>> In other words, the NASDAQ and the S&P 500 closed at records highs Tuesday not because of what investors think Trump is going to do.
But what the masters of the tech universe, Facebook, Apple, Alphabet, Amazon, and Netflix are doing to keep on dominating. But that focus could quickly shift if it appears tax reform is heading towards the same fate as the Republican's healthcare fix.