Wall Street slips as tax uncertainty, tech losses weigh

  • by:
  • Source: Reuters
  • 09/17/2021
Sept 17 (Reuters) - U.S. stock indexes slipped on Friday with major technology firms weighing the most, while uncertainty over higher corporate taxes and an upcoming Federal Reserve meeting kept traders to the sidelines.

The Nasdaq (.IXIC) was the worst performer among the main U.S. indexes in early trade, as a batch of strong economic readings encouraged investors to pivot into growth-exposed sectors and out of tech this week.

"(It was) a volatile week and a return to value outperformance as 'buy the dip' sentiments took hold, but not enough to rescind the recent market weakness," said Louise Dudley, global equities portfolio manager at the international business of Federated Hermes.

Concerns that a potential hike in corporate taxes could eat into earnings also weighed on markets, as leading Democrats sought to raise the top tax rate on corporations to 26.5% from the current 21%.
Wall Street Sign by South Bend Voice is licensed under flickr Attribution 2.0 Generic (CC BY 2.0)

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