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Dow, Nasdaq, S&P 500 Sink with Biden to Pitch 43.4% Capital Gains Tax

Dow, Nasdaq, S&P 500 Sink with Biden to Pitch 43.4% Capital Gains Tax

Rich Dvorak, Analyst

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STOCK MARKET OUTLOOK: DOW JONES, NASDAQ, S&P 500 UNDER PRESSURE ON THREAT OF HIGHER TAXES

Major stock indices like the Dow Jones, Nasdaq 100, and S&P 500 are turning broadly lower. Stocks seem to be getting hit in response to news that President Joe Biden will suggest hiking the US capital gains tax to 43.3% for wealthy individuals.

US 500 Bullish
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -8% 7% 2%
Weekly -5% 5% 1%
What does it mean for price action?
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DOW, NASDAQ, S&P 500 INDEX PRICE CHART: 5-MINUTE TIME FRAME (22 APRIL 2021 INTRADAY)

Dow Nasdaq S&P 500 Price Chart Reaction to Biden 43.3% Capital Gains Tax

This would be sharply higher than the current 20% tax on capital gains. The negative reaction by equity investors comes as little surprise seeing that higher taxes curbs speculative spirits and reduces potential expected returns.

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-- Written by Rich Dvorak, Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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