FOX Business’ Stuart Varney on when to sell stocks amid trillions of dollars being put into the economy.
U.S. equity markets traded mixed Friday morning as investors continued to weigh the impact of President Biden’s expected proposal to hike the capital gains tax rate.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 33734.11 | -81.79 | -0.24% |
| SP500 | S&P 500 | 4144.22 | +9.24 | +0.22% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13892.848459 | +74.44 | +0.54% |
The Dow Jones Industrial Average was down 66 points, or 0.2%, while the S&P 500 and the Nasdaq Composite were higher by 0.21% and 0.39%, respectively.
The choppy session comes a day after the major averages suffered their steepest declines in over a month following a Bloomberg News report that said Biden was considering a proposal that would raise the capital gains tax to as high as 43.4% for the wealthiest Americans.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| INTC | INTEL CORP. | 58.58 | -3.99 | -6.38% |
In stocks, Intel Corp. CEO Patrick Gelsinger said the global chip shortage that has been causing supply-chain problems for products ranging from electronics to automobiles could last another two years.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HON | HONEYWELL INTERNATIONAL, INC. | 223.27 | -5.69 | -2.49% |
Fellow Dow component Honeywell International Inc. raised its full-year outlook amid strong demand for its automation equipment. Both quarterly profit and sales topped analysts’ expectations.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AXP | AMERICAN EXPRESS CO. | 141.47 | -5.74 | -3.90% |
Rounding out the Dow, American Express Co. beat on both the top and bottom line, helped by the release of $1 billion the company set aside to cover potential losses due to COVID-19.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SNAP | SNAP, INC. | 61.75 | +4.57 | +7.99% |
Snap Inc. reported daily active users jumped 22% last quarter to 280 million, exceeding Wall Street estimates. The social-media company forecast a loss of up to $20 million in the current quarter, but also said it could break even.
Elsewhere, McDonald’s announced plans to hire 8.000 workers in Tennessee.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MCD | MCDONALD’S CORP. | 233.55 | +0.49 | +0.21% |
In commodities, West Texas Intermediate crude oil added 11 cents to $61.54 per barrel and gold jumped $6.70 to $1,788.70 an ounce.
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Overseas markets were mixed.
Germany’s DAX 30 paced the decline in Europe, trading down 1%, while Britain’s lost 0.52% and France’s CAC 40 was weaker by 0.45%.
In Asia, Japan’s Nikkei 225 dropped 0.57% while China’s Shanghai Composite index and Hong Kong’s Hang Seng index climbed 0.26% and 1.12%, respectively.
