U.S stock futures flat before Joe Biden’s infrastructure spending plan announcement
DJIA index futures little changed, traders lower 31 points at the current time as the market waiting Joe Biden’s unveiled his infrastructure spending plan. The plan valued at $2 trillion and would raise the corporate tax to 28% from 21%. Aside from it, the White House also will discourage writing-off expenses relating to offshoring.
This plan might face a heavy challenge from Republicans which has lowered the tax from 35% previously.
Asian & European Stock market
The Asian stock market is mostly lower today. Japan stock market down 253.90 points (-0.86%) to 29,178.80, China stock down 14.77 points (-0.43%) to 3,441.91 and Australia ASX 200 up 52.30 points (+0.78%) to 6,790.70 . The European stock market mostly flat. DAX Germany down 0.03%, UK FTSE down 0.20%, and Euro Stoxx600 up 0.14%.
Dow Jones Industrial Average (INDU)
DJIA index sticks near the record high and might continue printing new record high. At the current time, traders will continue waiting for a bearish correction in the index to enter long positions in the equity market. It is better to avoid short positions until a major bearish reaction happened.
Yelp Inc (YELP)
YELP share prices made a bearish correction and reached the daily SMA 50. It seems the share prices are supported by the averages and might start a bullish bounce. Traders could enter long positions near the averages. If the share prices continue its bearish movement then the daily SMA 100 or level around $35.00 will act as support levels.