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S&P Futs Hold Above Support

EQUITIES

Stocks / futures have stabilized following Thursday's reports that the US Biden administration will seek higher taxes to pay for new spending initiatives, including large capital gains rates.

  • In Europe cash, Health Care and Consumer Staples stocks have dragged indices lower. Materials stocks have outperformed on stronger base metals prices, but are still slightly in the red.
  • U.S. futures are a little higher vs Thursday's lows - our tech analyst notes support for S&P eminis at 4110.50, with resistance at 4183.50.
  • Asian stocks closed mixed, with Japan lower and China/HK higher.

Latest cash/futures levels:

  • German Dax down 61.51 pts or -0.4% at 15279.64, FTSE 100 down 35.7 pts or -0.51% at 6911.81, CAC 40 down 12.39 pts or -0.2% at 6265.44 and Euro Stoxx 50 down 15.71 pts or -0.39% at 4008.67.
  • Dow Jones mini up 36 pts or +0.11% at 33745, S&P 500 mini up 8.75 pts or +0.21% at 4136.5, NASDAQ mini up 26.25 pts or +0.19% at 13776.5.
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