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.
U.S. stock futures were mixed in premarket trading.
|S&P 500 Futures||4,438.50||3.75||0.08%|
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.
|U.S. Dollar Index (DXY):||92.48||-0.14||-0.15%|
|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.
Commodities To Watch
Oil prices spiked on Wednesday as industry data showed a decline in U.S. inventories. Gold dropped.
|WTI Crude Oil||$71.36||1.28%|
|Brent Crude Oil||$74.45||1.15%|
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.|