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US STOCKS-Futures firm after tax hike proposal, business activity data eyed

Published 23/04/2021, 11:49
© Reuters.
US500
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DJI
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RIOT
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MARA
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* Futures up: Dow 0.12%, S&P 0.22%, Nasdaq 0.19%

By Shivani Kumaresan
April 23 (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 S&P 500 .SPX and the blue-chip Dow .DJI
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
HON.N , Schlumberger N.V. SLB.N and American Express Co
AXP.N .
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, Dow e-minis 1YMcv1 were up 41 points, or
0.12%, S&P 500 e-minis EScv1 were up 9 points, or 0.22%, and
Nasdaq 100 e-minis NQcv1 were up 26.5 points, or 0.19%.
Cryptocurrency and blockchain-related stocks including Riot
Blockchain RIOT.O and Marathon Digital MARA.O dropped 6.6%
and 7.1% after bitcoin BTC=BTSP suffered hefty losses on fears
plans to raise capital gains taxes would curb investment in
digital assets. Oil companies, mainly Chevron Corp CVX.N , Marathon
Petroleum MPC.N , Exxon Mobil Corp XOM.N and Occidental
Petroleum OXY.N , gained between 0.2% and 1.1% as oil prices
rose. O/R

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