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Futures Flat, Yields Rise Ahead Of Biden Multi-Trillion Infrastructure Plan

US index futures were little changed and global stocks treaded water on Wednesday as Treasury yields resumed their upward march ahead of Joe Biden’s Pittsburgh event where he will announce a $2.25 trillion dollar plan – one which the administration says will be the most sweeping since investments in the 1960s space program and 1950s interstate-highway system – to rebuild America’s infrastructure, with traders weighing the inflation and tax impact of the stimulus.

At 07:30 a.m. ET, Dow E-minis were down 27 points, or 0.06%, and S&P 500 E-minis were up 3.5 points, or 0.09%.

Nasdaq 100 E-minis were up 75 points, or 0.56%, as Apple Inc rose 1.6% after UBS upgraded the stock to Buy on stable long-term demand for iPhones with better authorized service providers.

MSCI’s All Country World Index traded 0.1% lower. Europe’s STOXX 600 index was up 0.2%, on course for its second straight month of gains. Britain’s FTSE 100 was down 0.1% as shares in online food delivery firm Deliveroo slumped as much as 30% on their first day of trading.

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