Markets love infrastructure spending, and futures jumped on a NY Times headline that President Biden was going to unveil a $6 trillion (!) budget tomorrow. Problem is, investors do not want to be the ones paying for it, so when the WSJ ran a competing headline about increased capital gains taxes being retroactive to April, the early fun was erased. Equities ended the day mixed, with the S&P up 13bps, and Nasdaq unchanged.
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