U.S. stock futures (as of 8 a.m. E.T.) are down significantly overnight after reaching highs midweek. The Senate is expected to confirm Janet Yellen as Treasury Secretary today, despite her plan to consider taxing unrealized capital gains to increase government revenues.
In Asia, shares were down as the local economies were hard hit by President Trump's decision last week to add CNOOC, a major Chinese oil and gas company, to the list of Chinese businesses that cannot conduct business in the U.S. The restrictions came into force today.
European markets (as of 8 a.m. E.T) are down. Many investors are cashing out gains from the hopes brought about by the new Biden administration, indicating a belief that the administration will fail to deliver on its promises. Continued COVID-19 restrictions and the resulting drop in commerce also weigh heavily on investors.