Futures flat as Trump tax plan offers little cheer

[April 27, 2017]  By Yashaswini Swamynathan

(Reuters) - U.S. stock index futures were flat on Thursday as President Donald Trump's highly anticipated proposal to reform the tax code failed to impress investors.

* The one-page plan, unveiled on Wednesday, proposed deep U.S. tax cuts for many businesses, but offered no detail on how it would be paid for without increasing the deficit.

* U.S. stocks retreated from near record-highs on Wednesday and closed lower after the plan was unveiled.

* Trump has been scrambling to show progress on his agenda, especially after the failure to pass a healthcare bill raised doubts about his ability to deliver on campaign promises.

* While the tax plan dampened market enthusiasm, a flurry of corporate earnings reports and economic data could provide investors some impetus to trade.

* Microsoft, Amazon.com and Google parent Alphabet are scheduled to report results after the bell.

* Weekly jobless claims data and a report on durable goods are expected at 8:30 a.m. ET (1230 GMT).

* Shares of Southwest Airlines slipped 4.5 percent to $54.40 in premarket trading after the company reported a significant drop in quarterly profit.

* Alexion Pharmaceuticals edged up 3.3 percent to $124.70 after reporting better-than-expected quarterly revenue.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 19, 2017. REUTERS/Brendan McDermid

* Defense contractor Raytheon rose 1.7 percent following a rise in quarterly revenue.

* Under Armour jumped 6.5 percent after the sportswear maker posted a smaller-than-expected quarterly loss.

Futures snapshot at 7:02 a.m. ET:

* Dow e-minis  were up 19 points, or 0.09 percent, with 15,459 contracts changing hands.

* S&P 500 e-minis were up 1.25 points, or 0.05 percent, with 80,564 contracts traded.

* Nasdaq 100 e-minis  were up 6.75 points, or 0.12 percent, on volume of 14,929 contracts.

(Reporting by Yashaswini Swamynathan in Bengaluru)

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