By Caitlin Ostroff Close Caitlin Ostroff Updated Nov. 5, 2020 5:53 am ET U.S. stock futures rose Thursday, signaling the S&P 500 will extend its sharpest rally in a week since April, as investors cheer curbs on new regulations and diminished chances of higher taxes under a split Congress.
Investors are betting that with a divided government, Mr. Biden would have difficulty passing legislation aimed at regulating technology companies and raising corporate taxes. There is also speculation that there will be additional coronavirus-relief spending from the government to help bolster the economy, albeit a smaller package than a Democratic-sweep would have enabled.
“The big concern was that there was going to be regulations,” said Patrick Spencer, managing director at U.S. investment firm Baird. “It’s less likely that now you’re going to get tax increases and regulations on big tech.” Overseas, the pan-continental Stoxx Europe 600 rose 0.7%, with the index’s technology sector up 2.4%.
Investors will also get a view on the Federal Reserve’s outlook for the U.S. economy amid the coronavirus pandemic when policy makers conclude their November meeting and issue a statement at 2 p.m. There are also likely to be questions about the need for additional fiscal and monetary stimulus during Chairman Jerome Powell’s press conference.
scottlincicome Don’t we need new taxes? The national debt stands at 29 trillion dollars. We are on track for multi-trillion dollar annual deficits. The insolvency of Social Security and Medicare looms. Is “Wall Street ok with this?
scottlincicome Also, no Trump. Chaos, corruption, criminality, and stupidity are bad for markets.
Taxes feed the poor, educate the young, and ensure a nation's wellbeing. To evade taxes is to show your hatred of humanity and your selfish loathing of those less fortunate
Gods they are fucking evil.
Glad someone is getting rich off the post election pandemic 😶
Well, well, well-the sky did not fall
we are in the 'buy the rumor' stage, the sell the news part is going to be a bloodbath
wow