Equity Futures Edge Up After Wall St. Hits Record High

Markets Reuters

Traders work on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid (Reuters)

U.S. stock index futures were slightly higher on Friday, a day after Wall Street hit record high on President Donald Trump's promise to unveil a tax reform plan in the coming weeks.

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Trump called the tax plan as "phenomenal", but offered no specifics other than citing the need to lower tax burden on businesses.

The news helped reignite a post-election rally, which had stalled in recent weeks on concerns over Trump's protectionist stance and the lack of clarity on his policies.

In a setback to Trump, a U.S. appeals court refused to reinstate his most controversial executive order to temporarily ban people from seven Muslim-majority countries from entering the United States.

Jeb Hensarling, the Republican chairman of a key House of Representatives committee, laid out his plan to roll back Wall Street and consumer protection rules, which were put in place after the 2008 financial crisis, according to a staff memo seen by Reuters on Thursday.

Banks, including Morgan Stanley, Bank of America and JPMorgan, were up in premarket trading on Friday.

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A University of Michigan report is likely to show that its consumer sentiment index slipped to 97.9 in February from 98.5 last month. The data is due at 10:00 a.m. ET (1700 GMT).

Shares of Activision Blizzard rose 8.7 percent after the videogame maker reported better-than-expected quarterly revenue and a $1 billion share buyback program.

Mead Johnson was up 5 percent after Reckitt Benckiser <RB.L> finalised a $16.6 billion deal to buy the infant formula maker.

Skechers USA was up 11.2 percent in light trading after its fourth-quarter revenue beat expectations.

Futures snapshot at 6:53 a.m. EDT:

Dow e-minis were up 21 points, or 0.1 percent, with 18,676 contracts changing hands.

S&P 500 e-minis were up 1.25 points, or 0.05 percent, with 81,582 contracts traded.

Nasdaq 100 e-minis were up 5 points, or 0.1 percent, on volume of 16,878 contracts.

(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D'Silva