October 17th 2023 Weekly Economic Update
As most major 3 rd Quarter Earnings announcements are coming out positive, the market has quietly plateaued despite the situation we are seeing between Israel & Hamas. Tensions are continuing to increase in that region as we do not see many signs of slowing. On the domestic front, Microsoft has been accused of owing roughly $29 billion dollars in back taxes to the US Treasury based on an IRS audit of how they allocated profits among countries and jurisdictions between 2004 and 2013. Microsoft is planning on appealing this decision by the agency, but it’s important to take into consideration as they are one of the largest publicly traded companies in the world.