Microsoft announces $60B stock buyback plan and increases its dividend
The Dow Jones Industrial Average futures slipped 26 points, or 0.08%, while the S&P 500 futures and Nasdaq 100 futures were up 0.03% and 0.1%, respectively.
The Dow and the S&P fell for the sixth time in seven sessions on Tuesday amid concerns that a slowdown in inflation could cause the Fed to begin tapering later this year. Investors also took note of a proposed tax increase that would help pay for President Biden’s $3.5 trillion spending package.
In shares, Microsoft Corp. The U.S. board of directors authorized a $60 billion stock buyback program and increased the company’s quarterly dividend by 11% to 62 cents per share.
Wynn Resorts Ltd., Las Vegas Sands Corp. after Macau’s government tightened rules on casino operators. And MGM Resorts International remained under pressure. Shares of all three companies fell between 3.9% and 11% on Tuesday.
Coinbase Global Inc increased the size of its previously announced loan offering from $500 million to nearly $2 billion. The cryptocurrency exchange operator plans to use the funds raised to invest in product development and potential mergers and acquisitions.
West Texas Intermediate crude oil rose 95 cents to $71.42 a barrel and hit its highest level since July 30.
Meanwhile, gold fell by $3.20 to end at $1,803.90.
Most of the losses were in overseas markets.
On European exchanges, France’s CAC was down 0.56% and Germany’s DAX 40 was down 0.24%, while Britain’s FTSE 100 was up 0.07%.
In Asia, Hong Kong’s Hang Seng index fell 1.84%, Japan’s Nikkei 225 0.52% and China’s Shanghai Composite Index fell 0.18%.