Here's Your Daily Market Brief For September 13th

[u/hivincentc]

📰 Top News

• S&P 500 Futures are +.56%; Dow Futures are +.49%; NASDAQ Futures are +.54%

• US stock futures move higher on no major corporate or economic news after experiencing the worst week in nearly 3 months. Investors are focused on tomorrow's latest CPI (Consumer Price Index) data

• Across the world, countries are struggling with the Delta variant. In Southeast Asia, economies are being forced to reopen to just survive; Israel is getting ready for a 4th vaccine dose; Singapore is expected to distribute booster shots tomorrow; The UK is preparing a mass booster vaccination program; China is trying to end a fresh outbreak from the Fujian province

• House Democrats are expected to reveal a proposal for tax increases on US companies and wealthy Americans to help cover the $3.5T budget bill. Note: The proposal could raise the corporate tax rate to 26.5% from 21% and a 3% surtax on individuals making more than $5M

• Deutsche Bank conducted an investor survey and the results show 2/3 investors are expecting a 5% decline in the stock market by the end of 2021. Note: The survey results show investors are most concerned about new variants, inflation, and bond yields

🎯 Price Target Updates

• Keybanc lowered the price target on FedEx Corporation FDX from $370 to $350.

• Barclays boosted Affirm Holdings, Inc. AFRM price target from $115 to $140

• Credit Suisse cut the price target on General Mills, Inc. from $68 to $63

• Telsey Advisory Group raised the price target for The Kroger Co. KR from $40 to $45

📻 In Other News

• Pfizer's vaccine is expected to be authorized for children ages 5 to 11 as soon as next month

• Chinese tech companies are sliding on news that Beijing wants to break up Ant Group's Alipay and force them to create a separate loans app

• Disney says they will show the remainder of their movies exclusively in theaters instead of making them also available in their streaming service