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.