US stock futures slip, retreating from record high on 30th anniversary of Black Monday

As the Dow hits another all-time high of 23,000, Peter Morici, business professor at the University of Maryland and former chief economist at the U.S. International Trade Commission, says the stock index will hit 30,000 by the end of President Trumpâs first term if tax reform is passed.

U.S. stock index futures were lower during Thursdayâ€™s pre-bell session, pulling back after scoring a record high in the prior session.

On Wednesday, the Dow Jones Industrial Average gained 160 points to close at 23,157.60, powered in part by a big rally in Dow component IBM (NYSE:IBM) which followed the companyâ€™s expectation topping third quarter earnings results. The Nasdaq Composite and the S&P 500 also set new records.

In Thursdayâ€™s pre-market, all three U.S. indices were lower, but the Nasdaq fell the most, with Ebayâ€™s (NASDAQ:EBAY) shares taking a hit after the company lowered its full-year profit outlook. Nasdaq component Apple (NASDAQ:AAPL) was also lower following a newspaper report of tepid demand for the iPhone 8. According to Reuters, citing Taiwanâ€™s Economic Daily news, Apple has cut orders for the iPhone 8 and the iPhone 8 Plus by 50%.

Also, overall market sentiment was negatively impacted after China reported that its growth slowed in the third quarter.

Thursday marks the 30th anniversary of "Black Monday." On Monday Oct. 19, 1987, in a surprise sell-off, the Dow plunged 22.6%, its largest one-day percentage drop in history.