Futures point to positive session on Wall Street

[December 22, 2017]   By Sruthi Shankar

(Reuters) - U.S. stock futures pointed to slight gains for Wall Street in what could be a quiet session on Friday as investors prepare for the Christmas holiday.

The highlight of the week was a historic overhaul of the U.S. tax code, which is expected to benefit corporates due to a significant cut in the amount levied on businesses, hopes of which have sparked a rally in the equity market this year.

Investors were also relieved after the U.S. Congress averted a government shutdown on Thursday just one day before federal funding was due to expire.

At 6:52 a.m. ET (1152 GMT), S&P 500 e-minis <ESc2> were up 2.5 points, or 0.09 percent, with 38 contracts changing hands. Nasdaq 100 e-minis <NQc2> were up 9.5 points, or 0.15 percent, in volume of 7 contracts. Dow e-minis <1YMc2> were up 38 points, or 0.15 percent, with 17 contracts changing hands.

Global stock markets, however, were subdued after Catalan separatists wanting to break away from Spain won a regional election, battering Spanish stocks and the euro. [MKTS/GLOB]

Wall Street's main indexes rose on Thursday boosted by bank and oil stocks after data showed the U.S. economy grew in the third quarter at its fastest pace in more than two years.

Investors will parse through a barrage of reports for more signs of strength in the economy.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 13, 2017. REUTERS/Brendan McDermid/File Photo

The Federal Reserve's preferred inflation measure, personal consumption expenditures price index excluding food and energy, is forecast to show a 0.1 percent rise in November.

A report on consumer spending, which accounts for more than two-thirds of U.S. economic activity, is expected to have increased by 0.5 percent in November. Data on durable goods is also expected. All reports are due at 8:30 a.m. ET.

Nike <NKE.N> dipped more than 2 percent in premarket trading after the company forecast muted current-quarter revenue growth, highlighting its struggles to regain market share in North America from a resurgent Adidas.

Celgene <CELG.O> shares fell 4.52 percent after the company's follicular lymphoma regimen failed in a clinical trial.

Shares of Ignyta <RXDX.O> soared 72 percent after Swiss drugmaker Roche <ROG.S> said it would buy the U.S. cancer drug specialist for $1.7 billion.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D'Silva)

[© 2017 Thomson Reuters. All rights reserved.]

Copyright 2017 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.