Data:
- FOMC Meeting Minutes

The Advisor's Take: While the Federal Reserve announced their actual interest rate decision back on December 10, today we get the "Minutes"—essentially the detailed transcript of that meeting. Investors will be parsing the text for the word "dissension." If many Fed officials argued for a different path than the one taken, it suggests the Fed is divided on inflation, which creates uncertainty. In a holiday-thinned market, algorithmic trading programs often react instantly to specific keywords in the report. If the tone reads as "hawkish" (worried about inflation staying high), expect a quick dip in bonds ($TLT) and potentially tech stocks ($QQQ) as traders adjust their expectations for 2026 rate cuts.

Data:
- Initial Jobless Claims

The Advisor's Take: A "low" number (typically under 220k) confirms that companies are holding onto workers despite economic headwinds. As this is the final trading day of the year, volume will be incredibly low. This creates a risk of "window dressing," where fund managers buy winning stocks ($SPY) at the last minute to show them on their year-end reports. However, if Jobless Claims spike unexpectedly, the lack of liquidity could exaggerate a sell-off, ending the year on a sour note.

All stocks are screened for sharia-compliance on Zoya. We also exclude companies in the following three databases: WhoProfits.org, The Official BDS Targets, The American Friends Service Committee Database

The Business Model Salesforce provides cloud-based Customer Relationship Management (CRM) software and applications, generating revenue primarily through subscription fees for its integrated suite of services, including Sales Cloud, Service Cloud, Marketing Cloud, and Slack.

The Bull Case Bulls argue that the global launch of "Agentforce 360" and strategic AI alliances position the company to capture significant value as enterprises move from AI experimentation to budgeted deployments. Further optimism is driven by the belief that its mission-critical role in front-office operations will sustain revenue growth in the high single to low double digits, shielding it from churn even as competitive dynamics evolve.

The Bear Case Risks include intensifying competition from AI-native marketing tools and focused customer engagement platforms, which may force aggressive reinvestment and pressure long-term profit margins. Additionally, bearish sentiment is weighed down by recent security incidents involving client data and concerns that the company could lose market share to next-generation platforms better optimized for Gen AI workflows.

*Please read the disclaimer at the end of this email before forming any opinions on the stock.

It sounds sketchy—selling a losing stock just to record a loss for the IRS, only to buy a similar asset later—but it is completely permissible. In Islam, there is a clear distinction between tax evasion (lying about your income, which is haram because it breaks the law of the land and your contract with the state) and tax avoidance (using legal mechanisms to lower your liability).

Tax-loss harvesting is a legal strategy. You are genuinely selling the asset and taking a real market risk by being out of that position for a period of time (specifically, you must mind the secular "Wash Sale Rule," which usually requires you to stay out of that specific stock for 30 days). It's not deception; it's being smart. The Shariah does not require you to pay more taxes than legally necessary. If you can legally reduce your tax bill, that leaves you with more capital for your family, your investments, and your Sadaqah.

In today’s world, who you know is becoming more important than what you know. Join the largest online community of Muslim professionals in North America at muslimprofessionals.us.

That's all for this week. Make it a great one.