U.S. stock index futures were flat on Tuesday but hovered near all-time highs as investors awaited President Donald Trump’s speech for details on his agenda for the economy.
Continue Reading Below
* Trump will make his first address to Congress at 9:00 p.m. ET (0200 GMT) and is expected to speak about tax reforms, defense spending and his plans to overhaul the U.S. healthcare system.
* In a meeting with state governors on Monday, Trump said he sees "big" infrastructure spending and was seeking to boost military spending by more than 9 percent.
* Increased infrastructure spending, which will benefit industrial companies, is one of the reasons for Wall Street’s rapid rise since the November elections.
* Trump’s comments helped the Dow Jones Industrial Average mark its 12 straight record close on Monday, a feat not seen since 1987.
* Markets could be influenced by a clutch of data including the second estimate for fourth-quarter gross domestic product, which likely rose 2.1 percent. The data is due at 8:30 a.m. ET.
Continue Reading Below
ADVERTISEMENT
* Consumer confidence in February is estimated to have edged down to 111.0 from 111.8 in January, a report at 10:00 a.m. ET will likely show.
* Investors will also watch a host of Federal Reserve officials, including Philadelphia Fed President and policy voting member Patrick Harker, speak during the day for clues on the possibility of a March interest rate hike.
* Among stocks, Target plunged 12.74 percent to $58.60 in premarket trading after the big-box retailer warned sales could continue to decline this year.
* Valeant rose 4.4 percent to $17.45 following quarterly revenue and profit that beat analysts’ average estimates.
* Perrigo dropped 12.2 percent to $74.35 after the drugmaker said it would delay filing its annual report.
Futures snapshot at 7:07 a.m. ET:
* Dow e-minis were up 1 point, or 0 percent, with 14,752 contracts changing hands.
* S&P 500 e-minis were down 1 point, or 0.04 percent, with 98,237 contracts traded.
* Nasdaq 100 e-minis were down 0.75 points, or 0.01 percent, on volume of 14,677 contracts.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila)
Our editors found this article on this site using Google and regenerated it for our readers.
