Stock futures slide in tax concerns

US stock futures fell on Friday as some investors increasingly worried that President-elect Joe Biden $ 1.9 trillion Covid-19 Relief Plan It can lead to higher taxes.

S&P 500 futures fell 0.3%, indicating that the benchmark index may be Rejected for the second day. The contracts related to the Nasdaq 100 index are down less than 0.1% and the contracts related to the Dow Jones industrial average are down 0.3%.

The S&P 500 is on track to end the week lower, erasing some of the gains made in early January when the gauge rose to a record high. Markets have long welcomed Democrats’ plans to expand government spending and boost economic recovery. But the scale of Biden’s plans, shown late Thursday, helped verify some of that optimism.

“The volume was surprisingly clear to the upside,” said Wei Lee, head of investment strategy for BlackRock ETF and Index Investments in EMEA. With a majority of the Senate, [taxes] It could come in the medium term and that is something the market should evaluate as well. ”

Investors hope the extra spending will help guide the US economy during a winter that has seen soaring Covid-19 infection rates and deteriorating economic data. Figures released on Thursday showed that The number of workers applying for unemployment benefits It recorded its biggest weekly gain since the pandemic spread last March.

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Angelica Johnson

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