Markets Poised to Stumble Amid Growing Fears of Tax Hikes

U.S. stock futures were mixed Wednesday as investors worried about rising tax rates and a slowdown in China.

The increase in prices that consumers pay for goods has spiked by 5% or higher for a fourth straight month.

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Meanwhile, 40 new tax hikes on individuals and businesses are being discussed in Washington as necessary to help pay for President Joe Biden’s $3.5 trillion stimulus package. The concern is that the tax increases may mean less money for consumers as well as less money for companies, thereby contributing to a potential economic slowdown in the U.S. 

Meanwhile, official data from China showed a slump in retail sales and in factory activity. Chinese regulators have also announced a move against the country’s casino sector.  

Equities

U.S. stock futures were mixed in premarket trading. 

Level Chg. Chg. %
DOW Futures 34,447.00 -17.00 -0.05%
S&P 500 Futures 4,438.50 3.75 0.08%
Nasdaq Futures 15,403.25 23.5 0.15%

U.S. Dollar and Treasuries

The yield on the 10-year Treasury fell one basis point. The dollar weakened against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 92.48 -0.14 -0.15%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.071% 0 0.071%
U.S. 2 Year Treasury Note 0.217% 0.000 0.217%
U.S. 5 Year Treasury Note 0.785% 0.000 0.785%
U.S. 10 Year Treasury Note 1.277% -0.014 1.291%
U.S. 20 Year Treasury Bond 1.769% -0.021 1.790%
U.S. 30 Year Treasury Bond 1.836% -0.025 1.861%

Stocks To Watch

Shares of a software company NXT-ID rebounded on no apparent news. The stock dropped 10% after filing a securities registration statement with the SEC ahead of a potential stock offering. The rebound seems to be influenced by retail investors, as there’s a heightened discussion about the stock on social media.

Indaptus Therapeutics received a notice of allowance from the U.S. patent office for a treatment that could prevent or inhibit hepatitis B and HIV infections. 

Chinese farming products manufacturer Farmmi is still trading at higher volume after being featured on Seeking Alpha. 

Symbol Price Chg. Chg. % Volume
NXT-ID Inc NXTD $0.49 +0.0289 +6.30% 8.46M
Indaptus INDP $12.38 +5.310 +75.11% 4.12M
Farmmi Inc FAMI $0.25 +0.0041 +1.67% 2.82M

Commodities To Watch

Oil prices spiked on Wednesday as industry data showed a decline in U.S. inventories. Gold dropped.

Price Chg. %
WTI Crude Oil $71.36 1.28%
Brent Crude Oil $74.45 1.15%
Natural Gas $5.43 3.25%
Gold $1,803.90 -0.18%
Silver $23.83 -0.25%
Copper $4.34 0.47%
Soybeans $1,289.50 0.55%

Crypto

The global crypto market cap is $2.15T, a 2.64% increase over the last 24 hours. Bitcoin’s dominance is currently 41.76%, an increase of 0.33% in the same period.

Symbol Price Chg. % Market Cap.
Bitcoin BTC $47,504.57 +3.20% $894.17b
Etherium ETH $3,410.78 +2.33% $399.46b
Cardano ADA $2.40 +0.53% $74.62b
Ripple XRP $1.09 +1.81% $48.14b
Dogecoin DOGE $0.2418 +2.39% $31.75b

 

 

 

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