Stocks Set For Higher Open Despite Concerns About Hurricane Irma, Geo-political Tension With North Korea

U.S. stock futures are pointing to a slightly higher open on Wednesday despite rising geo-political tensions between North Korea and the U.S.  over North Korea’s nuclear program alongside growing concerns about Hurricane Irma intensifying to a Category 5 storm in the Atlantic Ocean that is now barreling towards Florida, threatening damage at a time when FEMA’s emergency resources are already depleted from responding to Hurricane Harvey in Texas.

After North Korea conducted their 6th nuclear test underground over the week-end, the U.N. Security Council held an emergency meeting on Monday and is expected to issue some additional resolutions on the defiant, isolated country that places a high level of emphasis on developing their weapons program.

In response to North Korea’s July 28th intercontinental ballistic test that showed a capability to launch a long range missile attack with warheads capable of reaching continental U.S., the U.N. Security Council strengthened sanctions in the form of Resolution 2371, unanimously adopted, which places a new ban on North Korean coal, iron, lead, and seafood and is estimated to negatively impact the North Korean economy by $ 1 billion a year while also restricting North Korean workers from working abroad.

President Trump And Tax Reforms

President Trump is headed to North Dakota today to discuss tax reform and tax cuts. He tweeted this message today:

“Will be going to North Dakota today to discuss tax reform and tax cuts. We are the highest taxed nation in the world – that will change.”

Yesterday President Trump remarked before a White House meeting on tax reform that “we must make the tax code as simple as possible” and spoke about the need for tax relief concerning middle class workers and families.

After rescinding DACA on Tuesday and giving Congress 6 months to legalize the immigration plan, President Trump is faced with a busy fiscal agenda in September that includes securing disaster relief for Hurricane Harvey damage in Texas, raising the U.S. debt ceiling, and funding the U.S. government.

Written and Edited By:

Johnathan Schweitzer

@SchweitzFinance

schweitz31@gmail.com

 

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