Tax Reform Talk Spark Wall Street

Video: Preview the day’s action on Wall Street before the opening bell with the Morning Report as Tax Reform Talk Spark Wall Street. Dow, Nasdaq and S&P futures are flat.  Crude is also flat on the morning.

Bullish sentiment re-ignited by tax talk

Here are some Morning Headlines:

U.S. stock futures were higher this morning. Treasury Secretary Steven Mnuchin gave Thursday’s rally an afternoon boost after saying the White House is close to bringing forward “major tax reform.” (CNBC)

The Nasdaq was coming off a record closing high and on track for its biggest weekly advance since the first week of 2017. The S&P 500 was poised for its best weekly gain in more than two months. (CNBC)

Dow stock General Electric (GE) reported earnings and revenue that beat expectations. Honeywell (HON), Schlumberger (SLB), and SunTrust Banks (STI) also issues quarterly results this morning. (CNBC)

Visa (V), another Dow stock, reported earnings and revenue late Thursday that exceeded estimates. The credit card giant also announced a new $5 billion share repurchase program. (CNBC)

Earnings Calendar 

Here is this week’s earnings calendar provided by Earnings Whispers as Tax Reform Talk Spark Wall Street.

Tax Reform Talk Spark Wall Street

A number of notable companies reported earnings yesterday afternoon and this morning.

General Electric — GE earned an adjusted 21 cents per share for the first quarter, four cents above estimates, with revenue also above forecasts. Separately, the company said its deal to combine its oil and gas operations with Baker Hughes remains on track.

Honeywell — Honeywell beat estimates by four cents with adjusted quarterly profit of $1.66 per share, with revenue beating Street projections as well. Honeywell’s results were boosted by better than expected aerospace and energy sales.

Stanley Black & Decker — The tool maker beat estimates by 10 cents, reporting adjusted first-quarter profit of $1.29 per share, while revenue also beat forecasts. The company also raised its full-year forecast largely above estimates, based on strength in its industrial businesses.

SunTrust — The bank earned an adjusted 87 cents per share for its latest quarter, three cents above estimates, while revenue was also above forecasts. SunTrust said its results were helped by diversification of its business mix, among other factors.

Visa — The Dow component reported adjusted quarterly profit of 86 cents per share. That comes in seven cents above estimates, with revenue also exceeding forecasts. Visa also announced a new $5 billion share repurchase program.

Information Credit: News headlines and quotes were taken from CNBC in the writing of this post

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