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Stocks- U.S. Futures Mixed As Investors Eye Tax Reform

Investing.com
U.S. futures were mixed on Tuesday.
U.S. futures were mixed on Tuesday.

Investing.com – U.S. futures pointed to a weak open on Tuesday as investors digest earnings results and keep an eye on tax reform news.

The S&P 500 futures inched down two and and a half points or 0.10% as of 6:45 AM ET (11:45 AM GMT) while Dow futures slumped seven and a half points or 0.04%. Meanwhile tech heavy Nasdaq 100 futures rose two points or 0.05%.

Investors remain wary of U.S. tax reform, which has dragged on stocks. The highly anticipated corporate tax cuts could be delayed to 2019 due to disagreements in Congress.

Among the biggest winners in pre-market trading were telecommunications firm Vodafone (LON:VOD), which jumped 4.89% after it doubled its growth forecast. Home Depot (NYSE:HD) rose 0.80% after its quarterly profit increased 10% while streaming device firm Roku Inc (NASDAQ:ROKU) surged 7.35%.

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Elsewhere Coca-Cola European Partners PLC (NYSE:CCE) decreased 1.78% while beer company Anheuser-Busch Inbev SA (NYSE:BUD) was down 2.45% after the struggling firm replaced its CEO on Monday. Meanwhile craft brewers are crowdfunding $213 billion in an attempt to buyout the company.

Earnings results from various companies is expected on Tuesday, including Dick’s Sporting Goods Inc (NYSE:DKS) and CarGurus (NASDAQ:CARG). In economic news, producer price index (PPI) data is due at 8:30 AM ET (1:30 PM GMT). Meanwhile the NFIB’s small business optimism index in October was less than expected at 103.8 compared to analysts’ expectations of 104.2.

Stocks were down in Europe. Germany’s DAX inched down one and a half points or 0.01% while in France the CAC 40 slipped five points or 0.11% and in London, the FTSE 100 rose 10 points or 0.14%. Meanwhile the pan-European Euro Stoxx 50 was down 12 points or 0.33% while Spain’s IBEX 35 decreased 9 points or 0.09%.

In commodities, gold futures fell 0.39% to $1,273.90 a troy ounce while crude oil futures were down 0.41% to $56.53 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, decreased 0.28% to 94.14.

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