US pre-open: Futures slightly higher after fears of a capital gains tax hike sparks sell-off
Wall Street futures were slightly higher ahead of the bell on Friday after concerns about an increase in capital gains taxes prompted a market-wide sell-off yesterday.
As of 1240 BST, Dow Jones futures were up 0.11%, while S&P 500 and Nasdaq-100 futures were tracking 0.21% and 0.14% firmer, respectively.
The Dow closed 321.41 points lower on Thursday, erasing the previous day's gains altogether.
Concerns that the White House could seek a hike to the capital gains tax were still doing the rounds on Friday after a proposal from the Biden administration did the rounds on Thursday, with the rate rumoured to jump to 39.6% for those earning $1.0m or more, up from 20%.
Corporate earnings were also in focus again, with Intel posting quarterly revenue and earnings that were better than expected, but second-quarter earnings guidance came in below analysts' expectations, while social media firm Snap reported accelerated revenue growth and strong user numbers during the first quarter, breaking even on the bottom line and posting revenues of $770.0m.
American Express, Kimberly-Clark and Honeywell will all report earnings throughout the course of the day.
Moving on to macro news, a flash reading of IHS Markit's April PMI will be released at 1445 BST, while new home sales for March willl follow at 1500 BST.