{"id":138658,"date":"2021-09-13T23:35:57","date_gmt":"2021-09-13T23:35:57","guid":{"rendered":"https:\/\/precoinnews.com\/?p=138658"},"modified":"2021-09-13T23:35:57","modified_gmt":"2021-09-13T23:35:57","slug":"sp-500-snaps-losing-streak-with-tax-hikes-inflation-data-on-horizon","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/sp-500-snaps-losing-streak-with-tax-hikes-inflation-data-on-horizon\/","title":{"rendered":"S&P 500 snaps losing streak with tax hikes, inflation data on horizon"},"content":{"rendered":"

NEW YORK (Reuters) – The S&P 500 closed higher on Monday, ending a five-day losing streak as investors focused on potential corporate tax hikes and upcoming economic data.<\/p>\n

The Dow Jones Industrial Average also advanced, but the Nasdaq Composite Index ended lower.<\/p>\n

Investors favored value over growth, with stocks set to benefit most from a resurging economy enjoying the biggest percentage gains.<\/p>\n

\u201cThere are probably not a lot of positive surprises coming this month,\u201d said Liz Young, head of investment strategy at SoFi in New York. \u201cWe\u2019re having another period of volatility where I think that rotation could go back to cyclicals and the reopened trade, as the 10-year bond rate slowly grinds higher through the end of the year.\u201d<\/p>\n

Market participants are focused on the likely passage of U.S. President Joe Biden\u2019s $3.5 trillion budget package, which is expected to include a proposed corporate tax rate hike to 26.5% from 21%.<\/p>\n

Goldman Sachs analysts see the corporate tax rate increasing to 25% and the passage of about half of a proposed increase to tax rates on foreign income, which they estimate would reduce S&P 500 earnings by 5% in 2022.<\/p>\n

The Labor Department is due to release its consumer price index data on Tuesday, which could shed further light on the current inflation wave and whether it is as transitory as the Fed insists.<\/p>

FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 27, 2021. REUTERS\/Brendan McDermid\/File photo<\/figcaption>

\u201cI don\u2019t see inflation settling back down under 2% where it was pre-pandemic,\u201d Young added. \u201cEven if some of those transitory forces weaken, we will still stay at a higher rate than we were before.\u201d<\/p>\n

Other key indicators due this week include retail sales and consumer sentiment, which could illuminate how much the demand boom driven by economic re-engagement has been dampened by the highly contagious COVID-19 Delta variant.<\/p>\n

The Dow Jones Industrial Average rose 261.91 points, or 0.76%, to 34,869.63, the S&P 500 gained 10.15 points, or 0.23%, at 4,468.73 and the Nasdaq Composite dropped 9.91 points, or 0.07%, to 15,105.58.<\/p>\n

Of the 11 major sectors in the S&P 500, healthcare suffered the largest percentage loss, while energy, buoyed by rising crude prices was the biggest gainer.<\/p>\n

Shares of vaccine makers Moderna and Pfizer Inc sank 6.6% and 2.2%, respectively, after experts said COVID booster shots are not widely needed.<\/p>\n

Coinbase Global Inc announced plans to raise about $1.5 billion through a debt offering aimed at funding product development and potential acquisitions. The cryptocurrency exchanges shares slid 2.2%.<\/p>\n

Salesforce.com Inc dipped 1.2% as rival Freshworks Inc\u2019s regulatory filing indicated that the business engagement and customer engagement software company is aiming for a nearly $9 billion valuation in it U.S. debut.<\/p>\n

Advancing issues outnumbered declining ones on the NYSE by a 1.60-to-1 ratio; on Nasdaq, a 1.02-to-1 ratio favored advancers.<\/p>\n

The S&P 500 posted 12 new 52-week highs and one new low; the Nasdaq Composite recorded 53 new highs and 71 new lows.<\/p>\n

Volume on U.S. exchanges was 10.30 billion shares, compared with the 9.29 billion average over the last 20 trading days.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

NEW YORK (Reuters) – The S&P 500<\/p>\n","protected":false},"author":3,"featured_media":138657,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\nS&P 500 snaps losing streak with tax hikes, inflation data on horizon - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/sp-500-snaps-losing-streak-with-tax-hikes-inflation-data-on-horizon\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S&P 500 snaps losing streak with tax hikes, inflation data on horizon - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"NEW YORK (Reuters) – The S&P 500\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/sp-500-snaps-losing-streak-with-tax-hikes-inflation-data-on-horizon\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-13T23:35:57+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/09\/SP-500-snaps-losing-streak-with-tax-hikes-inflation-data-on-horizon.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/sp-500-snaps-losing-streak-with-tax-hikes-inflation-data-on-horizon\/\",\"url\":\"https:\/\/precoinnews.com\/business\/sp-500-snaps-losing-streak-with-tax-hikes-inflation-data-on-horizon\/\",\"name\":\"S&P 500 snaps losing streak with tax hikes, inflation data on horizon - 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