With vital inflation data scheduled to be released publicly later this week, future shares traded on the Nasdaq and S&P 500 dropped on Monday amid investor uncertainty.
Technology shares similarly experienced declines of their own, with hi-tech heavyweights largely rejecting a deal by members of the Group of Seven (G7) to impose a global minimum corporate tax.
It was during a conference on Saturday that nations belonging to the G7 agreed to back this motion, which would see a minimum global corporate tax rate be set at 15%. Contrary to numerous companies’ beliefs, G7 members claimed that market implications would be minimal, particularly with several key details still to be discussed within the coming months.
Following these monumental discussions, shares of major tech players such as Apple, Amazon, Facebook, and Google-parent Alphabet Inc experienced slight declines ranging from 0.4% and 0.5% during premarket trading on Monday morning.
Prior to the discussions on global minimum corporate tax, Wall Street indexes enjoyed strong performances all around, finishing on a high last week with technology shares standing out as the main winners. This came after the release of the latest U.S. monthly jobs report, which quashed investors’ concerns with regards to the Federal Reserve deciding to scale back its stimulus program.
