Good morning and welcome to Markets Desk, your Friday briefing on the stories moving money and markets.
Nasdaq futures are clawing back ground this morning after a punishing session Thursday that sent the composite into correction territory. A broad AI-driven tech selloff erased the entire post-election rally in a single day, leaving investors to weigh whether the blue wave Democratic sweep has fundamentally changed the policy landscape or simply triggered a round of profit-taking.
Speaking of that blue wave, Democrats may have swept the two thousand twenty six midterms, but taxing wealth remains as difficult as ever. California voters rejected a state-level wealth tax at the ballot box, underscoring a hard political reality: winning chambers does not mean winning the argument on redistribution. Analysts expect any serious tax reform to pivot toward income-based mechanisms rather than net worth assessments.
Meanwhile, Moderna is giving the biotech sector a reason to feel better, raising its two thousand twenty six revenue outlook to growth of fifteen to twenty five percent, sharply above its prior ceiling of ten percent. The company's chief executive says newer vaccine platforms are gaining real commercial traction, and that confidence is showing up in the numbers. The stock is drawing fresh attention from growth-oriented funds coming off a rough week.
That's the tape. Markets Desk, signing off the floor.
