U.S. stock index futures were lower on Friday as a drop in oil prices weighed on the "Trump rally", with investors also seeking details regarding President Donald Trump’s plans to boost the economy.
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Oil prices fell after U.S. crude inventories rose for a seventh week, showing the market is still struggling to ease oversupply.
Gain in crude prices helped U.S. stocks edge higher on Thursday as did a renewed pledge by Trump to bring back jobs to the United States.
Trump’s promises of tax reforms, a reduction in regulation and increased infrastructure spending, has helped spur equities to record highs. The S&P 500 is up more than 10 percent since the election. The Dow notched a record high for a tenth straight session on Thursday, its longest such streak since 1987.
But, with little clarity on Trump’s proposals, those gains have come with the markets trading in a tight range. The benchmark S&P 500 index has not register a move of at least one percent in either direction since Dec. 7.
U.S. Treasury Secretary Steven Mnuchin also tempered investor enthusiasm on Thursday when he said any policy Trbet steps would probably have only a limited impact this year.
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Investor will likely get more clarity on Trump’s plan on Tuesday, when he addresses a joint session of Congress.
Data due on Friday includes a report from the U.S. Commerce Department that is likely to show new single-family home sales rebounded in January.
Separately, a report from the University of Michigan is seen showing that the final consumer sentiment index held at 96.0 in February, compared with a preliminary reading of 95.7. Both reports are expected at 10 a.m. ET (1500 GMT).
Shares of Hewlett Packard Enterprise fell 6.73 percent to $23 in premarket trading after the company cut its full-year profit forecast.
J.C. Penney rose 1.9 percent to $6.99 after the department store operator said it would close about 130-140 stores over the next few months.
Baidu was down about 1.75 percent at $181.40 as the internet search giant’s revenue fell for a second straight quarter.
Futures snapshot at 7:10 a.m. EDT:
Dow e-minis were down 77 points, or 0.37 percent, with 22,163 contracts changing hands.
S&P 500 e-minis were down 9.75 points, or 0.41 percent, with 124,774 contracts traded.
Nasdaq 100 e-minis were down 27.25 points, or 0.51 percent, on volume of 24,413 contracts.
(Reporting by Tanya Agrawal; Editing by Savio D’Souza)
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