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AWS 8/30: Apple MIght Get A Big Tax Bill

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Tuesday August 30, 2016

(This is Brian Hamilton filling in for Mark Vickery who is on vacation this week.)

The futures markets were mixed this morning as investors digested several news items that hit the wires last night, and the impending Fed rate hike.  First, it was reported that oil explorers found only about a tenth of the level of new oil compared to its annual average level since 1960 in 2015, and that they have found even less in 2016.  This fueled worries about the ability to meet future demand. 

Also, yesterday the European Commission ruled against Apple (AAPL - Free Report) regarding their tax situation with Ireland.  The commission stated that Ireland granted Apple Inc. illegal tax benefits worth up to $14.5 billion. Apple shares fell about -2% in premarket activity. 

On the international side, most of the European and Asian markets were in the green as it appears as though investors are turning more bullish in regards to the world economy. 

On the U.S. side we will be getting the Consumer confidence data around 10am.  The markets are expecting a minor pullback from the previous report of 97.3. 

But most importantly, the markets are awaiting Friday’s unemployment data which many believe will either cause the Fed to sit on their hands for another meeting, or prompt the panel into voting for a rate hike.

Brian Hamilton