Stocks opened higher to begin a fresh week of trading as Wall Street turned its attention to the continued Chinese tech crackdown, Alipay, the reported Democratic plan to raise corporate taxes and much more.
The Dow Jones Industrial Average was up 252.01 points, the Nasdaq Composite was up 92.54 points and the S&P 500 was up 33.39 points.
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China's Big Tech Crackdown Continues
Another brainchild of Alibaba (BABA) founder Jack Ma has entered Beijing's sights, according to a report from the Financial Times.
Beijing is reportedly preparing plans to force the split of Ant Group's popular payment app Alipay, while creating a new app that will be at least partially state-owned.
The report emerged as China's Ministry of Industry and Information Technology said it was "guiding relevant companies to carry out self-examination and rectification" of their long-standing practice of blocking access to rivals.
The Taxman Cometh for Corporate America?
How do Democrats plan to pay for President Joe Biden's $3.5 trillion spending plans?
House Democrats are expected to propose raising the corporate tax rate to 26.5% from 21% in addition to imposing a 3-percentage-point surtax on individual income above $5 million, according to multiple media outlets.
The report emerged as debate and dissension grows among Democrats. On Sunday, Senator Joe Manchin told CNN’s “State of the Union,” he would not vote for the $3.5 trillion budget bill. Manchin added that there is "no way" to meet the September 27 deadline.
Kansas City Southern said Sunday that it will accept a $27.2 billion cash-and-stock offer from Canadian Pacific. In an earlier decision, Kansas City had accepted an offer from Canada National.
Canada National has until the end of the week to match or beat Canadian Pacific's improved bid, but also needs to convince the U.S. Surface Transportation Board that it can navigate competition concerns over parallel rail lines in the central U.S. raised during the months-long battle for the rail operator.
Union Pacific is a holding in Jim Cramer's Action Alerts PLUS charitable portfolio.
Apple vs. Epic Games: It's Not Over Until It's Over?
Epic Games has filed an appeal in its lawsuit against Apple. On Friday, federal judge Yvonne Gonzalez Rogers ruled that Apple is breaking the law by forcing people to pay for apps and in-app items through the App Store but Epic should pay damages to Apple for violating rules around its in-app purchasing system.
Apple is a holding in Jim Cramer's Action Alerts PLUS charitable portfolio.