U.S. Stock ETFs Dance Around Record Highs Ahead of Tax Announcement

Trump has made a number of promises during the campaign trail and since he was elected, helping U.S. markets experience one of their best rallies in recent years. However, many investors are waiting on clearer details as the Trump administration has faced some challenges in implementing substantial changes.

“We think you will see some type of corporate tax reform pass likely by end of this year, but it will be watered down…it’s hard to get legislation passed,” Holly MacDonald, chief investment strategist and portfolio manager at Bessemer Trust, told the WSJ.

U.S. markets found further support from solid quarterly earnings. For instance, Chipotle Mexican Grill (NYSE: CMG) strengthened after reporting its first increase in key sales metric in over a year.

However, keeping a lid on market gains, observers are concerned over a potential executive order that could end the North America Free Trade Agreement, or NAFTA. Traders are worried that the protectionist stance could harm global trade, Bloomberg reports.

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