Bloomberg:
- Tax Cuts Are the Dream Pushing a Market That Won't Stop Climbing. (video) Market pessimists are warning investors to temper their exuberance over President Donald Trump’s proposed tax cuts. Stocks raced to records last week, the dollar hit a two-month high and 10-year Treasury yields rose to a three-month peak after the administration and congressional leaders announced a framework that would lower the corporate tax rate. Now, a growing chorus of analysts sees a tax trade that’s gotten ahead of itself. And they’re voicing skepticism on whether the plan will become law anytime soon.
- GOP Leaders Consider Changing State and Local Tax Deduction Instead of Ending It. Republican leaders are considering putting limits on the $1.3 trillion state and local tax deduction -- instead of eliminating it -- in order to secure votes from members in the hardest-hit states. House Ways and Means Chairman Kevin Brady discussed options at a dinner Monday night with several GOP members who have defended the break, known as the SALT deduction. They talked about measures including capping the deduction for top earners, and allowing individuals to choose between deducting mortgage interest or property taxes -- but not both -- when calculating their taxes, according to several dinner attendees.
- Tech Sentiment Hits a 16-Month Low. Skeptical the rotation is real? Looking at proxies for demand in tech stocks, a case can be made that it is. With the Nasdaq 100 repeatedly failing to push past 6,000, large speculators last week reduced their net long positions in mini futures tracking the gauge to the lowest level since May 2016, Commodity Futures Trading Commission data show. ETF investors pulled almost $900 million from tech-focused funds over the past five days, more than any other sector tracked by Bloomberg.
- Storms Unleash $22 Billion in Spending for Battery-Backed Grids. Growing demand for more resilient power supplies will spur $22.3 billion of global investment in battery-backed solar systems over the next decade, according to Navigant Research. Villages and homes in far-flung places will drive the expansion of microgrids, small-scale solar systems with batteries that can retain power until it’s needed. Navigant expects 14.9 gigawatts to be in operation in 2026, up from 238 megawatts this year, according to a report Tuesday.
Wall Street Journal:
- Investigators Probe Las Vegas Shooter’s Motive. Hunt continues for clues about why a gunman opened fire late Sunday.
- Catalans Take to Streets to Protest Spanish Police. Tensions have flared over continued presence of national police after crackdown on independence referendum.
- U.S. Orders Cuba to Cut Embassy Staff in Washington. Move stems from mysterious health problems of U.S. diplomats in Havana.
- GM, Ford, Toyota Post Sharply Higher Sales in September. Heavier consumer discounts and surging demand to replace hurricane-damaged vehicles gives auto makers momentum.
MarketWatch.com:
- European stocks end slightly higher, stretch winning run to 9 sessions. The Stoxx Europe 600 index SXXP, +0.15% rose 0.2% to end at 390.72, holding near its highest level since mid-June and rising for a ninth straight session.
CNBC:
- Consumers face $4.1 billion tab to freeze credit reports after Equifax breach. (video)
- One of the bears’ biggest talking points is getting torn apart. (video)
- Fears of hurricane hit ease after Delta's forecast, airline stocks surge.
- The biggest movers in the stock market today are all votes for an accelerating economy.
Zero Hedge:
- Vegas Killer Used "Bump-Stock" To Create Automatic Fire, Purchased Guns Legally.
- Warren Slams Wells CEO "You Should Be Fired" As Buffett Counters "He Has My Faith".
- "We Have No Idea" Police Struggle With Motive Behind Vegas Shooting.
- US Expels 15 Cuban Diplomats In Retaliation For Mystery "Health Attack".
- Active Bond Traders Have Never Been More Short Treasurys: Is A Squeeze Imminent?
- Meet The Iraq War Veteran Who Led Police To The Vegas Shooter.
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