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.
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 |
