Equity

U.S. Stock Futures Higher Despite Tax Concerns

Posted 04/23/2021 9:11AM CTJeff Yasak

Early stock futures trading is suggesting a recovery, ending a down week in the market after Thursday’s report that President Biden is proposing a hike in the capital-gains tax rate to 39.6% from 20% for people making over $1 million a year.  This week saw choppy results as traders dealt with concerns on the new wave of Covid-19 infections with some optimism from promising economic data.  The jobless claim number hit its lowest point since the pandemic, a strong sign that the labor market in the U.S. is improving.  The number of claims for jobless benefits dropped to 547,000 last week, making it a 39,000-lower revision from the week prior.  Bitcoin also plunged on the Biden tax news of the increase after a wave of selloffs that pushed the crypto below $50,000 for the first time since March.  News from India and Turkey that they are working on banning the trading and ownership of crypto also helped with the downward pressure.

Support today is 410000 and 408000 with resistance showing 416000 and 419500.

E-mini S&P 500 Jun ’21 Daily Chart
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Jeff Yasak

Senior Market Strategist
Since leaving the corporate world in 1995, Jeff has established a name for himself as a trusted financial advisor and trading advocate—leveraging his studies in finance from the University of Wisconsin-Madison and Loyola University, 25+ years of experience, and a passion for the industry to guide both novice and experienced traders in pursuit of achieving their own financial reward. Jeff began his career as a clerk in the S&P 500 pit at the Chicago Mercantile Exchange—fostering a deep interest in the options market that eventually drove him into the retail futures sector where he spent several years as a broker’s assistant before taking on clients of his own. Operating at the intersection of strategy and success, Jeff seeks to establish meaningful relationships with clients—synthesizing financial data and offering timely insight that informs critical decision-making surrounding money management and trading activities. Well-versed in the futures, securities, equities, and indices markets, Jeff is uniquely positioned to direct his clients to success. With a carefully cultivated combination of experience and expertise, he is able to connect with clients to better understand their goals and offer sound financial guidance that delivers notable bottom-line results.
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