China crushes U.S. in renewable energy; Nasdaq zooms to record; London's economy starts to wobble

Profitable Moment   Knitting health care & tax reform The problem with major tax reform is that it's like a complicated piece of knitting. One bit relies very much on every other bit to hold it together. Snag the stitches in the knitting and pretty soon the whole thing unwinds and falls apart. Such is the risk for President Trump's hopes of major tax reform IF he doesn't manage to get major healthcare changes first.  Eliminating higher taxes embedded in Obamacare and reducing government health spending would go a long way towards being able to reduce taxes more broadly. Lose those savings and suddenly you can't get general tax reform (which is fiendishly difficult to begin with). In short - the failure of the Republicans to pass a healthcare bill now endangers everything. The wooly sweater of Trump's tax reform is now snagged on a nail that threatens to unravel the whole complicated economic plan. -Richard.Quest@cnn.com  What's new... what's next   By Matt Egan, Patrick Gillespie and Julia Horowitz of CNNMoney 1. Nasdaq zooms back to record territory Wall Street wasn't fazed at all by the GOP's failure to repeal and replace Obamacare. The Nasdaq, powered by a soaring Netflix, notched its first record since early June. The S&P 500 eked out a new all-time high too. Investors seem to be hoping the collapse of the health care bill will force President Trump and Congress to reach a deal to slash taxes. In the meantime, Wall Street is loving the explosive growth numbers from the likes of Netflix.  2. U.S. home sales to foreigners surge 49% Foreigners are getting serious about "Buy American." That is, American real estate. Foreign buyers and recent immigrants spent $153 billion on American properties in the year ending in March -- a 49% increase over the previous year and the highest level since record keeping began in 2009. The purchases accounted for 10% of the total value of existing home sales in the United States.  3. London's economy is starting to 'wobble' The foundations of London's economy are beginning to shake. That's according to a Tuesday report from the Centre of London, which found that job creation has cooled as Britain prepares to exit the European Union. London makes up roughly 13% of the U.K. economy, and it's a magnet for immigrants who work in the finance and tech industries. But leaving the EU could threaten its reputation as an economic powerhouse. 4. China is crushing the U.S. in renewables China may be the planet's biggest polluter, but it's also powering ahead of other countries on renewable energy. As the Trump administration yanks the U.S. out of the Paris climate change agreement, claiming it will hurt the American economy, Beijing is investing hundreds of billions of dollars in clean power. China has built vast solar and wind farms, and more than 2.5 million people work in the country's solar power industry alone. 5. Quick Takes: Deja vu? Reports of illnesses at Chipotle restaurant drive down stock  Has Goldman Sachs lost its golden touch?  Harley Davidson's stock plunged on a weak sales forecast  3 million Mercedes were recalled over diesel emissions  6. What's next: More Wall Street pain? On the heels of the trading trouble reported by Goldman Sachs, rival Morgan Stanley is scheduled to post numbers before Wednesday's opening bell. Look to see how the investment bank navigated the uber-calm markets. The focus will be back on Main Street in the afternoon as card giant American Express hits the earnings stage.  Make this newsletter better. Please send us your feedback to CNNMoneyfeedback@turner.com Share Tweet Forward Sign up for CNN Money's morning markets newsletter: Before the Bell Sign up for CNN Money's closing markets newsletter: Markets Now Copyright © 2017 Cable News Network, LP, LLLP. A Time Warner Company. All Rights Reserved., All rights reserved. You're receiving this newsletter because you opted in at cnn.com or cnnmoney.com. Our mailing address is: Cable News Network, LP, LLLP. A Time Warner Company. All Rights Reserved. One CNN Center Atlanta, GA 30303 Add us to your address book unsubscribe from this list    update subscription preferences