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.