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The major U.S. stock market benchmark indexes - the S&P 500, Dow Jones Industrial Average and NASDAQ Composite – ended lower on Thursday, April 22, following reports that President Joe Biden considering to almost double the tax on capital gains. The S&P 500 lost 38 points and Dow Jones lost 321 points as all the sectors on the indexes traded lower.
The S&P 500 declined 0.92 percent to 4,134.98. The Dow Jones fell 0.94 percent to 33,815.90. The NASDAQ Composite dropped 0.94 percent to 13,818.41 while the small-cap Russell 2000 was down 0.31 percent to 2,232.61.
Biden plans to raise the tax rate on capital gains to 39.6 percent from the current base rate of 20 percent to fund social spending, according to a media report, which cited people familiar with the matter. The report noted that the federal tax rates could go up to 43.4 percent for those earning US$1 million or more along with an existing surtax on investment income.
Meanwhile, on Earth Day, Biden pledged to cut greenhouse emissions in half by 2030. The U.S. will also double its annual public climate finance to developing countries by 2024.
Unemployment insurance claims during the week ended April 17 declined by 39,000 claims to 547,000 from the previous week’s figure, according latest data from the U.S. Department of Labor. The four-week moving average was 651,000, the lowest since March 14, 2020 when it was 225,500.
@Kalkine 2021
Top Gainers
Top performers on S&P 500 were Equifax Inc. (14.94%), Pool Corp. (6.43%), Tractor Supply Co. (4.41%) and AT&T Inc. ( 4.15%).
Ocugen Inc. (42.92%), Codiak BioSciences, Inc. (34.64%), Ucloudlink Group Inc (23.07%), Qualtrics International Inc. (22.71%) were top performers on NASDAQ.
On Dow Jones, Salesforce.Com Inc. (0.34%), Mcdonald's Corp. (0.30%), Visa Inc. (0.05%) and 3M Co. (0.01%) gained the most.
Top Losers
Top laggards on S&P 500 were Huntington Bancshares Inc. (6.71%), Dow Inc. (6.00%), LyondellBasell Industries NV (5.66%) and Micron Technology Inc. (5.34%),
Evolus Inc. (18.86%), Tiptree Inc. (13.08%), Sleep Number Corp. (11.85%) and Aldeyra Therapeutics Inc. (11.82%) were among the top losers on NASDAQ.
On Dow Jones, Dow Inc. (6.00%), Walgreens Boots Alliance Inc. (2.72%), JPMorgan Chase & Co. (2.11%) and Intel Corp. (1.77%) were laggards.
Image Source: EODHD/Others, NASDAQ Composite Index April 22, 2021 chart
Volume Movers
Top volume movers were Ocugen Inc. 27.34M), Sundial Growers Inc. (23.61M), AT&T Inc. (20.44M), Apple Inc. (16.25M), ViacomCBS Inc. (14.53M), Ford Motor Co. (14.03M), Bionano Genomics Inc. (12.61M), Nikola Corporation (12.24M) and American Airlines Group Inc. (12.00M).
Futures & Commodities
Gold futures were down 0.51 percent to 1,784 per ounce on Thursday. Silver fell 1.42 percent to US$26.192 per ounce, while copper lost 0.26 percent to US$ 4.2678.
Brent oil futures were flat at US$65.03 per barrel, while WTI crude edged up 0.51 percent to US$61.66.
Bond Market
The 30-year Treasury bond yields declined 1.79 percent to 2.223. The 10-year bond yields also dropped 1.43 percent to 1.5416.
US Dollar Futures Index was up 0.15 percent to US$ 91.268 on April 21.
