When President Trump signed the tax cuts into law last December, there were questions as to whether Wall Street had already baked them into corporate stock prices.

Bottom line: It's been a mixed bag. The Dow and S&P 500 are both up since the tax cuts, but their growth has slowed significantly. Nasdaq, which is dominated by tech stocks, has experienced a slight acceleration.

Expand chart
Data: MONEY.NET; Chart: Axios Visuals
  • The Dow Jones Industrial Average has only climbed 1.3% since the tax cuts were signed, despite having climbed 14.75% over the previous five months, and the S&P 500 is only up 3.5% compared to a previous gain of 8.7%.
  • But the Nasdaq is up 11.3%, compared to nearly 9% for the prior five months.

One big variable introduced since the tax cuts is the prospect of global trade wars.

Go deeper

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging — Ex-FDA chief: Pence campaigning after exposure puts others at risk.
  2. Health: 13 states set single-day case records last week — U.S. reports over 80,000 new cases for second consecutive day.
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. World: Restrictions grow across Europe.
  6. Media: Fox News president and several hosts advised to quarantine.
Dion Rabouin, author of Markets
5 hours ago - Economy & Business

Bond investors see brighter days

Illustration: Sarah Grillo/Axios

U.S. government bonds could breakout further after yields on the benchmark 10-year Treasury note ticked up to their highest since early June last week.

But, but, but: Strategists say this move is about an improving outlook for economic growth rather than just inflation.

Erica Pandey, author of @Work
7 hours ago - Economy & Business

The dangerous instability of school re-openings

Illustration: Eniola Odetunde/Axios

Schools across the country have flip-flopped between in-person and remote learning — and that instability is taking a toll on students' ability to learn and their mental health.

The big picture: While companies were able to set long timelines for their return, schools — under immense political and social strain — had to rush to figure out how to reopen. The cobbled-together approach has hurt students, parents and teachers alike.