What you need to know on Wall Street today

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February 5, 2018 7:06 PM

Hello. Here's what you need to know on Wall Street today.

Amid fears over rising inflation across the world, the majority of European indices fell more than 1% from their closing price on Friday on Monday morning and remained substantially lower as the day progressed.

Stocks have long been rallying on hopes of a stronger economy, firmer inflation, and better wage growth. Part of that optimism was driven by the prospect of new tax cut legislation as well.

But now that the data are finally turning in a positive direction, and that the Republican tax proposal has become law, traders aresuddenly freaking outat the prospect of a tight labor market and higher interest rates that tend to accompany firmer growth. It's a reminder to Wall Street to be careful what you wish for, writes Pedro da Costa.

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