I will be speaking at the ETP Forum on the Actively Managed Exchange Traded Funds Panel at 11:50AM. I have 4 guest passes if anyone is interested.

Market

Not a lot going on ahead of NVDA earnings. Small scare when it was reported that Amazon was halting orders waiting for an updated model, but NVDA ended up green anyway. FOMC minutes also come out today. Speaking of the Fed…

Fed officials seem like they have ‘no idea’ what is going on with U.S. inflation, strategist says-CNBC.com

“Inflation is notoriously difficult to predict and I don’t think they have any real idea what’s happening,” Howard said.

As the market continues a slow grind up, the transports are the major laggard.

I wonder if this may not be a canary in the coal mine for economic growth.

We continue to see rates and semiconductors as the main drivers here, so NVDA earnings are going to be very important. Meanwhile, rates look to be in a bit of a downtrend.

ESG

This is a huge deal. Proxy votes are supposed to be towards the profitability of the company. Activists have traditionally been investors who are unhappy with the stock performance or who see opportunities to restructure and do better. Now they are hte same people who are gluing themselves to streets. Some Corporations Seek to Silence ‘Trojan Horse’ Activists-WSJ

After a change in SEC policy eased the path for shareholders to bring forward certain proposals, investors of all political stripes have increasingly pressed companies on hot-button issues such as climate, abortion, guns and diversity, filing hundreds of proposals each year. 

And….

The Exxon Directors and the Proxy Abusers Progressives retaliate after the company fights back against a shareholder resolution that would harm other investors.-WSJ

Progressives are abusing the shareholder proxy process to drive their climate and social agenda, and now they want to punish Exxon Mobil for daring to fight back.

California Public Employees’ Retirement System (Calpers) on Monday said it would vote against all of Exxon’s directors at its shareholder meeting next week. Proxy adviser Glass Lewis last week recommended that shareholders reject Exxon’s lead independent director Joseph Hooley’s re-election, citing “unusual and aggressive tactics” against activist investors.

We’ll see. Corporate boards have never been more prepared to face down the anti-ESG backlash, new research finds-Fortune

Woke Companies

Target will report earnings before the bell. Here’s what to expect-CNBC.com

Still looks like a short with either the 10 day MA or 20 day EMA as a tight stop.

Disney Bleeding: Pixar Slashes 14% of Workforce Amid Brutal Budget Cuts-Breitbart

Still looks like a short. Some support in the high 90s.

Things That Get Blamed for Climate Change

I thought we were all supposed to be dead by 2050? Is Net Zero by 2050 Still Possible? Yes, But It’ll Cost 19% More-Bloomberg

Governments and companies need to spend an extra $34 trillion on the clean energy transition between now and 2050 to reach net-zero emissions, according to BloombergNEF.

Border

Biden Administration Threatens To Sue Oklahoma Over Law Criminalizing Illegal Immigration-Daily Wire

Republicans Dismantle Fact-Check On Non-Citizens Registering To Vote-Daily Wire

“Whether it’s at the DMV or welfare offices, non-citizens have myriad opportunities to register to vote, as non-citizens are obviously eligible for government benefits under current federal and state policies,” Roy said in a thread on X.

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