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U.S. equity futures wobbled on Wednesday as investors awaited the rollout of President Biden’s multibillion-dollar spending program and details of how taxpayers will fund it.
S&P 500 futures edged up less than 0.1%. Contracts on the Nasdaq-100 index rose 0.6%, suggesting moderate gains for tech stocks after the opening bell. On Tuesday, giant tech companies lowered major indices.
Mr Biden is expected to roll out his ambitious $ 2 trillion program targeting infrastructure, green energy, manufacturing and housing on Wednesday. The new spending could give the economy another boost, on top of the recent $ 1.9 trillion stimulus package.
The program “is necessary because we have been through a huge economic shock,” said Jane Shoemake, portfolio manager at Janus Henderson Investors. “We need to rejuvenate these economies and revive them.”
But fund managers are also nervous because the president has signaled that he plans to fund the program in part by imposing on top-earning Americans the highest tax rates they’ve faced in years. It also aims to increase corporate income tax and increase taxes on foreign income.
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