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A Unique ETF Focused on Managing Tax Liabilities

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A Unique ETF Focused on Managing Tax Liabilities : Start a free trial of The Sevens Report.

What’s in Today’s Report:

  • A Unique ETF Focused on Managing Tax Liabilities
  • JOLTS Data Takeaways – Another Goldilocks Report

Futures are higher with tech shares leading thanks to solid earnings reports after the close yesterday as investors look past political turmoil overseas.

Politically, lawmakers in South Korea moved to impeach President Yoon for implementing martial law yesterday while the French government faces a no-confidence vote today. Neither situation is a material negative for markets but both are weighing on sentiment.

In corporate news, CRM and OKTA (a newer cloud software focused company) both posted solid earnings after the close yesterday which is bolstering the broader tech sector in premarket trade today.

Today, we will get two more important economic reports: The ADP Report (E: 165K) and the ISM Services PMI (E: 55.5). Factory Orders (E: 0.4%) will also be released but is less likely to move markets than the first two data points.

The Fed’s Musalem is scheduled to speak at 8:45 a.m. ET, however the market’s main focus today will be Powell’s commentary (1:45 p.m. ET) as he could shed light on December rate cut plans or the policy rate path in 2025. Any hawkish surprise from the Fed Chair could spur volatility today.

Finally there is one notable earning release today from discount retailer DLTR ($1.07) that could offer insight into consumer spending habits.

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Earnings and Tax Clarity but Fed Uncertainty?

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What’s in Today’s Report:

  • Earnings and Tax Clarity but Fed Uncertainty?
  • Weekly Economic Cheat Sheet:  Key Inflation Data on Friday
  • Weekly Market Preview:  The Most Important Week for Earnings

Futures are slightly higher following a quiet weekend and ahead of the most important week of earnings season.

Regarding Fed tapering, Powell’s comments on Friday were taken as slightly hawkish, but the consensus outlook remains a November taper at $15 bln/month.

There was no notable news/progress from Washington over the weekend on the debt ceiling/spending bill.

Today there are no notable economic reports or Fed speakers (they’re entering the “quiet period” ahead of next week’s meeting).  So, focus will be on any updates from Washington on whether or not we get tax hikes and on earnings, although the vast majority of the biggest companies report later in the week.  Some reports to watch today include  FB ($3.20), LOGI ($1.14), OTIS ($0.73), and KMB ($1.66).