| What to watch today: Dow set to snap back after five sessions of losses | | |  | MON, SEP 13, 2021 | | | | AS OF MON, SEP 13, 2021 • 08:12 ET | | Dow Jones Fut | | 34,607.72 | | Current: | 34,697.00 | | Change: | 206.00 | | Impl. Open: | 216.28 | | | S&P 500 Fut | | 4,458.58 | | Current: | 4,475.00 | | Change: | 26.00 | | Impl. Open: | 26.92 | | | NASDAQ 100 Fut | | 15,440.75 | | Current: | 15,523.25 | | Change: | 89.25 | | Impl. Open: | 89.50 | | | Russell 2000 Mini | | 2,227.55 | | Current: | 2,240.30 | | Change: | 17.60 | | Impl. Open: | 22.25 | | House Democrats are expected to propose sweeping tax increases on U.S. companies, wealthy Americans and investors to help pay for their $3.5 trillion budget bill. The plan calls for a corporate tax hike rate to 26.5% from 21% and a 3% surtax on individual income above $5 million, according Reuters, citing two people familiar with the matter. Democrats are also considering raising the top capital gains tax rate to 28.8% from 23.8%.
* House Democrats propose extending expanded child tax credit to 2025 (CNBC) | | | | U.S.-based Pfizer's Covid vaccine, developed in conjunction with German partner BioNTech, could be authorized for use in kids 5-11 as soon as next month, according to two sources familiar with the situation who spoke to Reuters. Pfizer is expected to have enough study data by then to submit an application for emergency use to the FDA. The two-dose Pfizer shot is already on emergency use for adolescents 12-15 and full approval for people 16 and older. (Reuters) | | | | Hong Kong-listed shares of Alibaba dropped more than 4% overnight after a Financial Times report that Beijing wants to break up Ant Group's Alipay and force the creation of a separate loans app. U.S. shares of Alibaba (BABA), Ant Group's e-commerce affiliate, were also under pressure in Monday's premarket. Chinese electric vehicle stocks also dropped after the industry minister said there are "too many" EV makers in China and that consolidation in the sector is needed. (CNBC) | | | | Disney (DIS) will show the remainder of its slate of movies this year exclusively in theaters, rather than making them simultaneously available on its Disney+ streaming service. Disney's "Shang-Chi And The Legend Of The 10 Rings," only in theaters, topped the weekend box office once again following its record Labor Day weekend debut. "Shang-Chi," in the Marvel Cinematic Universe, has grossed nearly $250 million globally, and it doesn't even have a release date in China yet. (AP) | | | SkyBridge Capital's Anthony Scaramucci is stepping up his firm's move into the cryptocurrency world. The firm is teaming up with trading platform NAX to raise $250 million for a fund. A formal announcement on the initiative will happen Monday morning at SkyBridge's SALT conference, which will be held for the first time in New York City. (CNBC)
* MoneyLion launches crypto investing ahead of planned SPAC deal (CNBC) | | Virgin Galactic (SPCE) is delaying its first commercial research space mission after a third-party supplier warned of a potential defect in a component of the flight control system. Virgin Galactic shares slid 3.4% in the premarket. | | | | Dell Technologies (DELL) added 2% in premarket action after Goldman Sachs added the computer maker's stock to its "Conviction Buy" list. Goldman cited strong cash flow generation and debt paydown plans, among other factors. | | | | TransUnion (TRU) announced a deal to buy closely held information services company Neustar for $3.1 billion in cash. The credit reporting agency expects the deal to close during the fourth quarter. | | | | Viacom (VIAC) Is planning a revamp of its Paramount Pictures unit, according to people familiar with the matter who spoke to The Wall Street Journal. The revamp, which would separate the TV and film operations, could be announced as soon as today. Viacom rose 1% in the premarket. | | | | Kansas City Southern (KSU) said the latest takeover bid from Canadian Pacific Railway (CP) is superior to the one it previously agreed to with Canadian National Railway (CNI). Canadian National now has five days to improve its offer, should it choose to do so. Canadian Pacific rallied 2.1% in premarket trading. | | | | Epic Games will appeal Friday's ruling that Apple's (AAPL) app store was not an illegal monopoly. Epic did win a partial victory in the case, with the judge ruling that Apple must allow developers to include external payment links. Separately, Apple is expected to release its new iPhone and maybe an Apple Watch update at an event this week. | |  | | |
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