Capital exodus? As a so-called “billionaire tax” looms in California, the firms of two high-profile California investors announced on New Year’s Eve they are establishing new offices out of state, The Wall Street Journal reports. Despite the timing, no mention was made of the proposed ballot initiative from a California health care union that would impose a one-time, 5% tax on the assets of those with net worths above $1 billion who lived in the state as of New Year’s Day. The tax would apply to assets like ...

US stock futures struggled on Wednesday following a rough trading session that saw Wall Street equity markets close deep in the red. Dow Jones Industrial Average futures (YM=F) hovered just above the flat line, while S&P 500 futures (ES=F) dropped 0.1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) fell 0.2%, as shares of AI chipmaker AMD (AMD) slid after its earnings beat estimates but nevertheless underwhelmed. During regular trading on Tuesday, the Nasdaq Composite (^IXIC) led a steep stock slide, fal ...