Investing.com – Wall Street was set to open higher on Friday as investors continue to celebrate the tax reform bill and await a flurry of economic data.
The S&P 500 futures rose two and a half points or 0.09% as of 6:56 AM ET (11:56 GMT) while Dow futures increased 26 points or 0.10%. Meanwhile tech heavy Nasdaq 100 futures was up over four points or 0.07%.
Congress delivered the biggest tax overhaul in 30 years to U.S. President Donald Trump’s desk on Wednesday. The tax bill cuts 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.
Meanwhile 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.
Mobile payments firm Net Element Inc (NASDAQ:NETE) was among the biggest gainers in pre-market trading, rising 4.91% while Smart Global Holdings Inc (NASDAQ:SGH) rose 9.61% after its earnings came in higher than expected and telecommunications firm Nokia (HE:NOKIA) Corp was up 0.63%.
Elsewhere Long Island Iced Tea Corp (NASDAQ:LTEA) slumped 17.80% after surging 600% on Thursday when it changed its name to Long Blockchain. Riot Blockchain Inc (NASDAQ:RIOT) fell 9.42% while HSBC Holdings (LON:HSBA) PLC ADR (NYSE:HSBC) inched down 0.23%.
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 (3:30 GMT) followed by new homes sales and consumer sentiment at 10:00 AM ET (15:00 GMT).
In Europe stocks are down after pro-independence parties gained a majority in the Catalonia elections. Germany’s DAX fell 28 points or 0.22% while in France the CAC 40 decreased 18 points or 0.35% and in London, the FTSE 100 inched forward six points or 0.08%. Meanwhile the pan-European Euro Stoxx 50 was down 14 points or 0.40% while Spain’s IBEX 35 lost 109 points or 1.06%.
In commodities, gold futures rallied 0.12% to $1,272.10 a troy ounce while crude oil futures decreased 0.53% to $58.05 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.09% to 92.92.