Futures contracts tied to the major U.S. stock indexes were little changed early Friday morning as investors prepared to end a down week for equities amid concerns the White House could seek a hike to the capital gains tax, CNBC reports.
S&P 500 futures were flat while contracts tied to the Dow nudged 14 points lower. Nasdaq 100 futures were marginally lower.
The after-hours moves came following a turbulent session for equities after multiple news outlets reported Thursday afternoon that President Joe Biden is slated to propose much higher capital gains taxes for the rich.
Bloomberg News reported that Biden is planning a capital gains tax increase to 43.4 percent for wealthy Americans.
The proposal would increase the capital gains rate to 39.6 percent for those earning US$1 million or more, up from 20 percent currently, according to Bloomberg News, citing people familiar with the matter. Reuters and the New York Times later matched the headlines.