MARKET SNAPSHOT: Dow Set To Rise, But Nike Tumbles After Earnings

By Victor Reklaitis, MarketWatchFeaturesDow Jones Newswires

Investors await details of Republican tax overhaul proposal

U.S. stock futures on Wednesday pointed to a small rise at the open, 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?

"Wall Street has started to form some support once more, with the S&P 500 closing all but flat at 2,497," said Richard Perry, a Hantec Markets analyst, in a note Wednesday.

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.

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 is 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?

An August figure for durable goods orders is slated to arrive at 8:30 a.m. Eastern Time, with economists polled by MarketWatch forecasting 1% growth. 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 08:18 ET (12:18 GMT)