European Governments Tax Technology

 

Stocks are up at mid-day Friday, with most major indices having tested new intra-day record highs. The government of France passed a law yesterday intended to tax revenue on digital services provided to French citizens. The British government is expected to pass a similar law in the coming days, while the United States government is reported to be examining whether the new laws constitute a singling-out of its largest technology companies.

At present, the S&P 500 is up 0.16%, the DJIA is up 0.53%, and the NASDAQ is up 0.17%.

Industries doing well today include Auto Components, Electrical Equipment, and Machinery. Industries showing weakness include Life Sciences Tools & Services, Pharmaceuticals, and Health Care Equipment & Supplies. The VIX is down 0.22 to 12.71 after the previous close of 12.93. The most heavily traded options this morning are for the S&P 500 SPDR (SPY), with 20,000 Aug 8 270 puts on the board. The total put/call ratio as of 10:30 AM was 0.81 (469,986/580,732). The advancers/decliners ratio for NYSE stocks is 1,785/1,014 while the advancers/decliners ratio for NASDAQ stocks is 1,719/1,232.

[InvestorsKeyhole, various news and data sources]

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