Investors await details of Republican tax overhaul proposal
U.S. stock-index futures pointed to a modestly higher open on Wednesday, as analysts said the market is stabilizing after a four-session skid for the Dow industrials.
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What are stock-index futures doing?
Futures on the Dow Jones Industrial Average are 23 points, or 0.1%, higher at 22,282. S&P 500 futures are up 4.40 points, or 0.2%, at 2,500. Nasdaq-100 futures are 14.50 points, or 0.3%, higher at 5,907.
What are market participants saying?
"There's nothing really on the worry front, as far as markets go. Valuations are fair to full, but they're being supported by earnings, so we're not concerned about that as it stands right now," said Paul Springmeyer, investment managing director at U.S. Bancorp, which has $148 billion in assets under advisement.
On Tuesday, the Dow finished less than 0.1% lower (http://www.marketwatch.com/story/us-stock-futures-fall-after-north-korean-nuclear-bomb-threat-2017-09-22), marking its fourth down day in a row, leaving it 0.6% below its record close hit a week ago. The S&P and Nasdaq Composite both closed slightly higher Tuesday, as North Korea-related fears (http://www.marketwatch.com/story/trump-us-is-totally-prepared-for-military-option-with-north-korea-2017-09-26) abated.
What's driving the market?
Federal Reserve Chairwoman Janet Yellen said the central bank won't dawdle while raising interest rates (http://www.marketwatch.com/story/yellen-says-fed-should-be-wary-of-raising-rates-too-gradually-2017-09-26).
What are investors watching out for today?
A major Republican announcement on tax reform (http://www.marketwatch.com/story/trump-today-president-says-puerto-rico-response-has-gotten-tremendous-reviews-2017-09-26) is promised for Wednesday.
"We know the worst-case scenario for markets: the current tax law," Springmeyer said. "Because any improvement would be a benefit for markets, we see more upside in the event it passes, and less downside in the event it doesn't."
Read more:Wilbur Ross says tax reform could boost economy by 1% (http://www.marketwatch.com/story/wilbur-ross-done-right-tax-reform-could-boost-economy-by-1-2017-09-26)
And see:GOP tax plan to allow for top individual rate above 35% (http://www.marketwatch.com/story/republican-tax-plan-to-allow-for-top-individual-rate-above-35-2017-09-26)
Which stocks are Wall Street following?
Nike Inc.(NKE) fell 4% in premarket action after the sneakers giant late Tuesday posted fiscal first-quarter earnings that beat forecasts, but its revenue was slightly below expectations (http://www.marketwatch.com/story/nike-shares-rise-as-company-beats-eps-expectations-2017-09-26).
Shares in Micron Technology Inc.(MU) rose 6% premarket after the chip maker reported better-than-expected earnings late Tuesday (http://www.marketwatch.com/story/micron-tech-shares-rise-after-earnings-beat-2017-09-26).
See:Micron reassures investors that memory-chip demand remains very high (http://www.marketwatch.com/story/micron-reassures-investors-that-memory-chip-demand-remains-very-high-2017-09-26)
What are other assets doing?
The ICE U.S. Dollar Index (http://www.marketwatch.com/story/dollar-index-jumps-to-1-month-high-ahead-of-gop-tax-plan-2017-09-27) was gaining, building on Tuesday's rise (http://www.marketwatch.com/story/dollar-jumps-to-1-month-high-vs-euro-ahead-of-yellen-speech-2017-09-26) (http://www.marketwatch.com/story/gold-at-fresh-lows-for-the-month-as-dollars-win-streak-expands-2017-09-27)
Gold futures (http://www.marketwatch.com/story/gold-at-fresh-lows-for-the-month-as-dollars-win-streak-expands-2017-09-27) lost ground, while oil futures (http://www.marketwatch.com/story/oil-prices-in-holding-pattern-before-us-supply-report-2017-09-27) were little changed.
European stocks (http://www.marketwatch.com/story/european-stocks-jump-to-10-week-high-led-by-alstom-after-siemens-deal-2017-09-27) rose, and Asian markets closed mixed (http://www.marketwatch.com/story/asian-markets-unfazed-after-yellen-hints-at-rate-hikes-2017-09-26).
Don't miss:The stock sector that has been 2017's big loser became a big winner this month (http://www.marketwatch.com/story/the-stock-sector-that-has-been-2017s-big-loser-turned-into-a-big-winner-this-month-2017-09-27)
Read:Here's why value stocks are starting to outperform growth (http://www.marketwatch.com/story/heres-why-value-stocks-are-starting-to-outperform-growth-2017-09-26)
What are the data?
Orders for durable goods rose 1.7% in August, beating forecasts for a 1% rise (http://www.marketwatch.com/story/durable-goods-orders-jump-17-in-august-2017-09-27).
Pending home sales for August are due at 10 a.m. Eastern from the National Association of Realtors. Expectations are for a decline of 0.8%.
Check out:MarketWatch's Economic Calendar (http://www.marketwatch.com/economy-politics/calendars/economic)
Which Fed speakers are tap Wednesday?
(END) Dow Jones Newswires
September 27, 2017 09:15 ET (13:15 GMT)