S&P 500 (SPX) Nasdaq (QQQ) Day Ahead: Tax talk troubles markets, SPX sits on support line
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFERHere is what you need to know on Friday, April 23:
Equity markets took a little wobble as Thursday progressed with President Biden proposing to tax the wealthy for stimulus plans. In what would be a significant hit to financial market investment, President Biden is reportedly considering nearly doubling capital gains tax on wealthy Americans. This is in addition to earlier talk of corporate taxes being raised. All in all a double hit to the stock market, but so far it is weathering the storm relatively well.
The dollar is down at 1.2060 versus the euro, Gold is higher at $1,791, but Bitcoin suffers and drops below $50,000 to trade as low as $47,600. The US 10-year yield remains at 1.55%.
European markets are steady and mostly flat with the Dax at -0.5% being the underperformer. The FTSE is +0.1%, and the EuroStoxx is flat.
US futures are all slightly higher, the S&P is +0.2%, Dow +0.1%, and Nasdaq +0.2%.
The SPX sits comfortably on 9-day moving average support, and the Relative Stength Index (RSI) has retreated from the overbought zone earlier on Monday. The Moving Average Convergence Divergence (MACD) indicator looks ready to provide a sell signal.
Stay up to speed with hot stocks' news!
S&P 500, Nasdaq top news
President Biden proposed to increase capital taxes on wealthy Americans from 20% to 39.6%.
ECB says tough decision ahead in June on its bond-buying program.
EU completes a new deal with Pfizer/BioNTech for 1.8 billion covid vaccine doses, Reuters.
EU PMI 53.7 from 52.9 expected.
JNJ: CDC to meet on Friday to discuss covid vaccine authorization.
Intel (INTC) reported earnings after the close on Thursday, which disappointed the market despite beating estimates. The outlook disappointed. Shares down 2% in premarket.
American Express (AXP) profit beats but revenue misses, shares down 3% in premarket.
Mattel (MAT) to jump on the NFT bandwagon by considering making some of its collector brands into NFTs.
SNAP beat earnings estimates as user growth increased more than forecast. Shares up 4% in premarket.
Skillz (SKLZ) ARK funds buys more.
WWE wrestles bears to the ground as it beats earnings and revenue forecasts. Shares flat in premarket.
Baidu (BIDU): Baidu and Geely are to pour over $7 billion into smart car development via their joint venture Jidu Auto over the next five years.
Tesla (TSLA): Elon Musk offers $100 million in prize money to inventors to develop ways of combatting climate change by removing carbon dioxide from the atmosphere. see more on Tesla.
Ups and Downs
Tesla (TSLA): Morgan Stanley raises price target.
Harley Davidson (HOG): Morgan Stanley downgrades.
Alphabet (GOOGL): Credit Suisse raises price target.
Amazon (AMZN): BMO raises price target.
American Airlines (AAL): Raymond James upgrades.
Spotify (SPOT): Jefferies initiates with a buy.
Economic releases
The author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author is short SPY. The author has not received compensation for writing this article, other than from FXStreet.
This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page.
Errors and omissions excepted.
Here is what you need to know on Friday, April 23:
Equity markets took a little wobble as Thursday progressed with President Biden proposing to tax the wealthy for stimulus plans. In what would be a significant hit to financial market investment, President Biden is reportedly considering nearly doubling capital gains tax on wealthy Americans. This is in addition to earlier talk of corporate taxes being raised. All in all a double hit to the stock market, but so far it is weathering the storm relatively well.
The dollar is down at 1.2060 versus the euro, Gold is higher at $1,791, but Bitcoin suffers and drops below $50,000 to trade as low as $47,600. The US 10-year yield remains at 1.55%.
European markets are steady and mostly flat with the Dax at -0.5% being the underperformer. The FTSE is +0.1%, and the EuroStoxx is flat.
US futures are all slightly higher, the S&P is +0.2%, Dow +0.1%, and Nasdaq +0.2%.
The SPX sits comfortably on 9-day moving average support, and the Relative Stength Index (RSI) has retreated from the overbought zone earlier on Monday. The Moving Average Convergence Divergence (MACD) indicator looks ready to provide a sell signal.
Stay up to speed with hot stocks' news!
S&P 500, Nasdaq top news
President Biden proposed to increase capital taxes on wealthy Americans from 20% to 39.6%.
ECB says tough decision ahead in June on its bond-buying program.
EU completes a new deal with Pfizer/BioNTech for 1.8 billion covid vaccine doses, Reuters.
EU PMI 53.7 from 52.9 expected.
JNJ: CDC to meet on Friday to discuss covid vaccine authorization.
Intel (INTC) reported earnings after the close on Thursday, which disappointed the market despite beating estimates. The outlook disappointed. Shares down 2% in premarket.
American Express (AXP) profit beats but revenue misses, shares down 3% in premarket.
Mattel (MAT) to jump on the NFT bandwagon by considering making some of its collector brands into NFTs.
SNAP beat earnings estimates as user growth increased more than forecast. Shares up 4% in premarket.
Skillz (SKLZ) ARK funds buys more.
WWE wrestles bears to the ground as it beats earnings and revenue forecasts. Shares flat in premarket.
Baidu (BIDU): Baidu and Geely are to pour over $7 billion into smart car development via their joint venture Jidu Auto over the next five years.
Tesla (TSLA): Elon Musk offers $100 million in prize money to inventors to develop ways of combatting climate change by removing carbon dioxide from the atmosphere. see more on Tesla.
Ups and Downs
Tesla (TSLA): Morgan Stanley raises price target.
Harley Davidson (HOG): Morgan Stanley downgrades.
Alphabet (GOOGL): Credit Suisse raises price target.
Amazon (AMZN): BMO raises price target.
American Airlines (AAL): Raymond James upgrades.
Spotify (SPOT): Jefferies initiates with a buy.
Economic releases
The author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author is short SPY. The author has not received compensation for writing this article, other than from FXStreet.
This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page.
Errors and omissions excepted.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.