The Dow Jones Industrial Average looked set for a lower open one day after hitting a new all-time high as potential tax hikes remained in focus.
Futures on the
were down 31 points, or 0.1%, while
futures were off 0.1%, and
futures had ticked up 0.1%.
It’s a quiet day, at least on the news front. The market remains focused on President Joe Biden’s infrastructure plan—and how it would be paid for. On Monday, U.S. Treasury Secretary Janet Yellen argued for a global minimum corporate tax rate and touted Biden’s $2 trillion infrastructure plan, which could be financed by higher taxes. Higher corporate taxes would put a dent in earnings, though investors have yet to focus on that possibility.
The infrastructure spend would be a marginal boost to employment and general economic growth, but it would also benefit select stocks like those of capital goods and materials manufacturers involved in building new projects around the country.
Here were some notable stock movers:
Shares of
(WYNN) were up 1.6% after Argus upgraded the stock to Buy from Hold.
(SNAP) shares had gained 2.5% after Atlantic Equities upgraded the stock to overweight from Neutral.
(FCX) shares rose almost 1% after Raymond James upgraded the stock to Outperform from Market Perform.
PTON) shares rose 0.3% even despite getting cut to In-line from Outperform at Evercore ISI.
(YELP) shares fell more than 1% after Evercore downgraded the stock to In-line from Outperform.
(VIAC) has fallen 2.9% on continued fallout from the collapse of Archegos.
Write to Jacob Sonenshine at jacob.sonenshine@barrons.com
