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US STOCKS-Wall St set to open higher with earnings in focus

U. S. stocks were on track to open slightly higher on Thursday amid a flood of quarterly earnings reports, while investors assessed President Donald Trump's tax reform plan.

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U.S. stocks were on track to open slightly higher on Thursday amid a flood of quarterly earnings reports, while investors assessed President Donald Trump's tax reform plan.

The one-page plan, unveiled on Wednesday, proposed deep tax cuts for many businesses, but offered no detail on how it would be paid for without increasing the deficit.

U.S. stocks snapped a two-day rally to end lower on Wednesday after the plan was unveiled. The prospects of hefty tax cuts have been a major driver of the post-election rally since November.

"Yesterday, you saw some selling but it didn't develop into an outright heavy pressure day," said Robert Pavlik, chief market strategist at Boston Private Wealth.

Dow e-minis were up 32 points, or 0.15 percent, at 8:30 a.m. ET (1230 GMT) with 19,617 contracts changing hands.

S&P 500 e-minis were up 3 points, or 0.13 percent, with 104,585 contracts traded.

Nasdaq 100 e-minis were up 9.5 points, or 0.17 percent, on volume of 20,047 contracts.

Of the 181 S&P 500 companies that have released results so far, nearly 77 percent have reported earnings above analysts' expectations. In a typical quarter, about 64 percent of companies have topped earnings estimates, according to Thomson Reuters I/B/E/S.

Among stocks, Under Armour jumped 7.3 percent after the sportswear maker posted a smaller-than-expected quarterly loss.

Bristol-Myers was up 3.4 percent after the drugmaker reported better-than-expected first-quarter earnings and a jump in revenue.

Defense contractor Raytheon rose 1.7 percent following a rise in quarterly revenue.

Microsoft, Amazon.com and Google parent Alphabet are scheduled to report results after the bell.

 

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)

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