MARKET SNAPSHOT: Dow Futures Slump 70 Points As Tax-delay Concerns Spook Investors
By Sara Sjolin, MarketWatch
J.C. Penney is expected to report earnings ahead of the bell
Wall Street looks on track for a downbeat end to the week, with U.S. stock futures on Friday pointing to a deepening of the prior day's losses. Investors were still concerned that a possible delay in much-anticipated corporate tax cuts could mark an end to the recent stock rally.
Traders also followed President Donald Trump's visit to Asia, where the U.S. leader delivered a strong message on trade, defending economic nationalism and saying the U.S. won't enter into multilateral deals that "tie our hands."
What are stock futures doing?
Futures for the Dow Jones Industrial Average dropped 72 points, or 0.3%, to 23,344, while those for the S&P 500 index lost 11.65 points, or 0.5%, to 2,572.25. Futures for the Nasdaq-100 Index gave up 27.75 points, or 0.4%, to 6,286.50.
The losses come after all three major benchmarks suffered their worst session in two weeks on Thursday (http://www.marketwatch.com/story/us-stocks-poised-to-lose-grip-of-record-highs-on-delay-worries-about-tax-plan-2017-11-09). The Dow average broke a seven-day winning run by posting a loss of 0.4%. The S&P 500 closed 0.4% lower, while the Nasdaq Composite Index dropped 0.6%.
As of Thursday's close, the benchmarks were set for weekly losses of between 0.1% and 0.3%, following a week marred by uncertainty over the Republicans' proposed tax reform plan.