Futures firm after tax hike proposal, business activity data eyed By Reuters

© Reuters. FILE PHOTO: The front facade of the NYSE is seen in New York


By Shivani Kumaresan

(Reuters) – U.S. stock index futures edged higher on Friday as investors awaited business activity data to gauge the pace of economic recovery, a day after reports that President Joe Biden planned to almost double the capital gains tax spooked markets.

Wall Street’s main indexes sank nearly 1% in the previous session following reports of the plan to raise taxes on the wealthiest Americans, including the largest-ever increase in levies on investment gains.

The benchmark and the blue-chip Dow are on course for weekly declines, after four straight weeks of gains.

With the first-quarter corporate earnings season under way, focus will be on results from Honeywell International Inc (NYSE:), Schlumberger (NYSE:) N.V. and American Express Co (NYSE:).

IHS Markit’s flash reading at 9:45 a.m ET is likely to show business activity in the manufacturing and services sectors improved in April from the prior month.

At 6:35 a.m. ET, were up 41 points, or 0.12%, were up 9 points, or 0.22%, and were up 26.5 points, or 0.19%.

Cryptocurrency and blockchain-related stocks including Riot Blockchain (NASDAQ:) and Marathon Digital dropped 6.6% and 7.1% after bitcoin suffered hefty losses on fears plans to raise capital gains taxes would curb investment in digital assets.

Oil companies, mainly Chevron Corp (NYSE:), Marathon Petroleum (NYSE:), Exxon Mobil Corp (NYSE:) and Occidental Petroleum (NYSE:), gained between 0.2% and 1.1% as oil prices rose. [O/R]

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button