The market dipped slightly before the end of session on Thursday as several banks kicked off what is expected to be a strong third-quarter earnings season. Citigroup (C) beat its expected earnings and revenue after posting continued strong global consumer growth. The company’s stock, however, dipped more than 3% following the report after concerns of rising credit costs left some investors nervous. JPMorgan Chase (JPM) also beat Wall Street estimates as its consumer/community banking, along with its corporate and investment banking units continued to rally this year. It seems like the news was already factored in, however, as the stock barely moved following the news. Earnings outlooks have been on hold as investors wait for the conclusion of Trump’s proposed tax overhaul.

 

President Trump continued to preach for his proposed tax reform at a rally in Pennsylvania on Wednesday. Speaking to a crowd supposedly composed of truck drivers, Trump promised to cut taxes that only affect the wealthiest families in our country. He promised to repeal the “death” tax in addition to cutting marginal tax rates by “40 percent”. Trump explained that the average family would get the equivalent of a $4000 pay raise, although last month Gary Cohn said a family earning $100,000 would net a $1000 pay raise. This will be an interesting development to watch considering Trump’s tax reform will greatly affect individual bank stocks and future earnings reports.

 

The Catalonia President announced Tuesday that the region will temporarily back away from fully declaring independence. He explained that further negotiations are necessary before deciding to unilaterally secede from Spain. The country’s stocks and bonds rallied heavily following the news while the euro hit its weekly high.

 

Uber announced that it was facing two more, five in total, criminal probes than previously reported this week. This comes right after its license to operate was suspended in London, with similar decisions soon to be made in Brazil and other large market cities. This development will be interesting to watch as we look forward to the ride-hailing app’s imminent IPO.

 

The Federal Reserve published its September minutes on Wednesday. While many investors sought hints into when the Fed would hike rates again, the minutes unfortunately did not shed much light on the subject (shocker). In addition, the minutes also did not give much direction to Trump’s appointment of the next Fed chair. Chief Economic Advisor Gary Cohn has been mentioned, but now rumors of former Federal Reserve Governor Kevin Warsh are starting to build up. This will be an interesting development to watch as the next Fed chair and their ensuing monetary policy decisions will have large impacts on the future of our economy.