Following the latest round of talks hosted by the OECD, the U.S. won backing for a global minimum tax from a group of 130 nations that represent 90% of global GDP. It's part of a wider corporate tax overhaul for multinationals and the Biden administration's plan for raising revenue. Heavy federal spending will push the budget deficit to $3T for the 2021 fiscal year, according to the Congressional Budget Office, which would be the second-largest since 1945 in nominal terms and as a share of the economy. The forecast doesn't even include the impact of two "trillion-dollar" infrastructure proposals, though the budget office does forecast the economy to grow 6.7% this year after adjusting for inflation.
Hot investing app Robinhood Markets filed Thursday for an eagerly anticipated IPO at what many on Wall Street expect will be about a $40B valuation. The filing included few other details about the initial public offering, such as how many shares Robinhood will offer or at what price range, but 35% of them are expected to be allocated to retail investors. The company is set to be the buzziest name to tap the U.S. IPO market this summer and follows a record number of listings in the first half that's on pace to break annual records.
Job growth leaped higher in June as businesses looked to keep up with a rapidly recovering U.S. economy, the Labor Department reported this morning. Nonfarm payrolls increased 850,000 for the month, compared to the Dow Jones estimate of 706,000 and better than the upwardly revised 583,000 in May. The unemployment rate, however, rose to 5.9% against the 5.6% expectation.