Skip to content

Stocks Fall as Jobs Data Outweigh Biden Tax Pitch: Markets Wrap

  • Taxes, geopolitics back in focus amid Fed taper talk
  • 10-year Treasury yield, U.S. dollar rise; Gold declines
Video player cover image
WATCH: Paul Sandhu, head of multi-assets quant solutions for APAC at BNP Paribas Asset Management, discusses his investment strategy and where he’s finding opportunity.(Source: Bloomberg)
Updated on

U.S. equities fell Thursday as investors digested a raft of economic data and President Joe Biden’s indication that he may be open to a lower corporate tax rate than 28%.

The S&P 500 rose from session lows after Biden was said to have pitched a 15% minimum tax on U.S. corporations as a way to fund a bipartisan infrastructure package. However, the bounce wasn’t enough to erase earlier declines on concerns the Federal Reserve may withdraw its support sooner than expected. An ADP report showed payrolls at U.S. firms gained by the most in nearly a year, while additional figures on the economic health of the services sector rose to the highest on record.