Futures contracts tied to the major U.S. stock indexes were higher Friday morning as investors prepared to end a down week for equities amid concerns the White House could seek a hike to the capital gains tax.
S&P 500 futures rose 0.2%, while contracts tied to the Dow Jones Industrial average gained 50 points. Nasdaq 100 futures gained 0.2%.
The rebound followed a turbulent session for equities after multiple news outlets reported Thursday afternoon that President Joe Biden is slated to propose much higher capital gains taxes for the rich.
Bloomberg News reported that Biden is planning a capital gains tax hike to as high as 43.4% for wealthy Americans.
The proposal would hike the capital…