Dow futures fall 85 points as tax bill progress stalls

U.S. stock index futures pointed to a lower open Friday, pulling back from the highs seen on Wall Street in the previous session, as progress on a tax bill stalled in the Senate.


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Dow Jones industrial average futures fell 85 points, while S&P 500 and Nasdaq 100 futures sliding 12.5 points and 47.75 points, respectively.

In the previous session, not only did the Dow Jones industrial average break above 24,000 for the first time, it also soared 331 points.

Senate Republicans delayed voting on their tax bill on Thursday. The setback concerned a fiscal “trigger” that forced lawmakers to patch up the plan only hours before a planned final vote. Consequently, Senate Majority Leader Mitch McConnell said that senators would revise the legislation, with the group eyeing a vote to take place Friday.


Expectations of lower corporate taxes have been a boon for U.S. stocks since President Donald Trump got elected, helping the major indexes reach all-time highs.

Shifting focus, data will also be of key importance on Friday. Manufacturing PMI is due out at 9:45 a.m. ET, followed by Manufacturing ISM report on business and construction spending — both of which are due out at 10 a.m. ET. No major earnings are expected to be released.

Elsewhere, oil prices ticked higher after news emerged that OPEC and other major producers such as Russia agreed to extend their production cuts until the end of next year, in a move aimed at tackling the global glut currently shaking up market sentiment. Crude prices traded 0.8 percent higher at $57.88 per barrel.

Looking to the U.S. central bank, Dallas Fed President Robert Kaplan will be in Texas, at the Border Economic Development and Entrepreneurship Symposium; while St. Louis Fed President James Bullard is set to make an appearance at the Economic Briefing in Little Rock, Arkansas

Meanwhile, Philadelphia Fed President Patrick Harker will be in Philadelphia, delivering remarks at the 12th Annual Policy Forum “People, Place, Prosperity: Revitalizing Our Cities.”

Looking to markets in other regions, trade in Europe came under sharp pressure in early trade, while markets in Asia finished the session relatively mixed.

—CNBC’s Jacob Pramuk contributed to this report

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