U.S. equity index futures are slower this morning. S&P 500 futures lost 4 point. Traders are concerned about the “cap and trade” bill that could reach the House of Representatives today. The bill includes significant taxes on corporations that have carbon dioxide emissions. Higher corporate expenses related to higher corporate taxes will be passed to consumers.
Economic news released at 8:30 AM EDT was mildly encouraging. Consensus for May Personal Income was a gain of 0.3% versus 0.5% in April. Actual was a gain of 1.4%. Consensus for May Personal spending was a gain of 0.4% versus a decline of 0.1% in April. Consensus was a gain of 0.3%. (more)
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