U.S. indices rose the evening of Sunday, Nov. 12, as investors look forward to additional clarity on Congress' dueling tax plans.

Dow Jones Industrial Average futures rose 0.06%, followed by the Nasdaq, up 0.05%. S&P 500 futures ticked up 0.02%. The dollar rose 0.05% against the euro, 0.22% against the pound and 0.13% against the yen.

This week the House and the Senate are moving forward to advance their respective tax plans. The House bill calls for four individual tax brackets, a mortgage deduction cap of $500,000, corporate tax rates lowered to 20% and some compromise on the state and local tax deduction. In contrast, the Senate plan includes seven tax brackets, a mortgage deduction cap of $1 million, corporate tax rates of 20% after a one-year delay and a full elimination of the state and local tax deduction.

The House bill was approved by the Ways and Means Committee last week and will be debated by the full House this week. According to the Tax Policy Center, the bill would raise taxes for 31% of middle-class households by 2027. The Senate bill was unveiled Thursday and has not been scored.

Not on the chopping block in either plan is the carried interest loophole, which President Trump, Treasury Secretary Steven Mnuchin and White House economic adviser Gary Cohn all said during the campaign would be repealed.

Trump is in the Philippines Sunday, the last leg of his nearly two-week tour of Asia, after stops in Japan, South Korea, China and Vietnam. Apart from a series of tweets this weekend, the trip has been mostly uneventful.

Why would Kim Jong-un insult me by calling me "old," when I would NEVER call him "short and fat?" Oh well, I try so hard to be his friend - and maybe someday that will happen!

— Donald J. Trump (@realDonaldTrump) November 12, 2017

In the year since Trump's election, the S&P 500 has returned 21%, the sixth-highest rally in the first year of a presidential term, after Franklin D. Roosevelt in 1944 (30%), Bill Clinton in 1996 (30%), John F. Kennedy in 1960 (29%), Barack Obama in 2012 (24%) and George H.W. Bush in 1988 (22%), according to Goldman Sachs research.

Despite relatively calm markets, last week's credit sell-off suggests "a 'dress rehearsal' for potential meltdown," which "requires recession risk or higher wage inflation/bond yields/bond vol" to materialize, according to Bank of America analysts.

Consumer and retail earnings this week include Advance Auto Parts Inc. (AAP - Get Report) , Dick's Sporting Goods Inc. (DKS - Get Report) , Home Depot Inc. (HD - Get Report) and TJX Companies Inc. (TJX - Get Report) on Tuesday; L Brands Inc. (LB - Get Report) , Target Corp. (TGT - Get Report) and Williams-Sonoma Inc. (WSM - Get Report) on Wednesday; Best Buy Co. Inc. (BBY - Get Report) , Gap Inc. (GPS - Get Report) , J.M. Smucker Co. (SJM - Get Report) , Ross Stores Inc. (ROST - Get Report) , Shoe Carnival Inc. (SCVL - Get Report) and Walmart Stores Inc. (WMT - Get Report) on Thursday; and Abercrombie & Fitch Co. (ANF - Get Report) , Buckle Inc. (BKE - Get Report) and Foot Locker Inc. (FL - Get Report) on Friday.

Non-retailers reporting earnings this week are Juniper Pharmaceuticals Inc. (JNP) on Monday; JinkoSolar Holding Co. Ltd. (JKS - Get Report) on Tuesday; Progressive Corp. (PGR - Get Report) on Wednesday; and Helmerich & Payne Inc. (HP - Get Report) , Splunk Inc. (SPLK - Get Report)  and Viacom Inc. (VIAB - Get Report) on Thursday.

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