U.S. stock futures wobbled Wednesday as investors awaited the rollout of President Biden’s multitrillion dollar spending program and details on how taxpayers will fund it.
Futures tied to the S&P 500 edged up less than 0.1%. Contracts on the Nasdaq-100 Index ticked 0.6% higher, suggesting muted gains for technology stocks after the opening bell. On Tuesday, giant technology companies dragged down the major indexes.
Mr. Biden is expected to rollout his ambitious $2 trillion program targeting infrastructure, green energy, manufacturing and housing on Wednesday. The fresh spending could give the economy another boost, coming on top of the recent $1.9 trillion stimulus program.
The program “is needed because we have been through a huge economic shock,” said Jane Shoemake, a portfolio manager at Janus Henderson Investors. “We have got to rejuvenate these economies and we have got to get them moving again.”
But money managers are also nervous because the president has signaled that he plans to fund the program in part by charging the highest-earning Americans the biggest tax rates they have faced in years. He also aims to raise corporation tax and hike levies on foreign earnings.
