Wall Street Preview: Trumpcare in Focus

U.S. stock futures rose slightly on Tuesday, July 18, while European shares were mostly lower and Asian shares traded mixed after Senate Republicans' efforts to repeal and replace Obamacare collapsed.

Two more GOP senators announced they would vote no in an initial, critical vote on the healthcare bill that was expected as soon as next week. With only a two-seat majority in the Senate, the chances of passing the re-written bill look slim, which makes the odds of successful tax reform less likely between now and the end of the year.  The setback sent the dollar to 10-month lows against a basket of six global currencies, with the dollar index trading 0.52% lower at 94.65. Senate Majority Leader Mitch McConnell said the Senate would vote on legislation to repeal Obamacare in the coming days, but with a two-year transition period for a replacement to be written.

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