Dow Jones 30 may continue to celebrate the tax reform bill.
The U.S. market is expected to open higher on Friday as investors continue to celebrate the tax reform bill and await a flurry of economic data. In the last trading session before Christmas, the U.S. market will be focused on data releases. Top tier data scheduled for release today includes durable goods, personal income & spending and core PCE price index for November. All data readings will be published at 8:30AM ET.
The S&P 500 futures were up two and a half points or 0.09% as of 6:56 AM ET while Dow futures were up 26 points or 0.10%. Meanwhile Nasdaq100 futures were up over four points or 0.07%.
The tax bill shall reduce corporate taxes to 21% from 35%, which some say would encourage companies to spend more, boosting the economy. Some companies have already promised to increase wages and construction from their tax savings. On Thursday the House advanced a short-term spending bill that will fund the U.S. government through the middle of January, mitigating a government shutdown.
Investors will be waiting for a plethora of data later in the day. Personal income and outlays, and durable goods are due out at 8:30 AM ET followed by new homes sales and consumer sentiment at 10:00 AM ET.
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