3 Min Read
* Futures: Dow down 2 pts, S&P up 0.25 pts, Nasdaq down 4.25 pts
By Yashaswini Swamynathan
Feb 27 (Reuters) - U.S. stock index futures struggled for direction on Monday as investors looked for fresh catalysts following Wall Street's record-setting run.
* Investors will keenly watch President Donald Trump's address to a joint session of Congress on Tuesday evening for clues on his proposed tax reform and how he plans to overhaul the Affordable Healthcare Act.
* Trump's promise a few weeks ago of a "phenomenal" tax announcement helped rekindle a post-election rally, driving the main U.S. markets to record highs. * But since then, scant detail on his policies has led to increased caution and markets have traded range-bound. Utilities and telecom services stocks - traditionally defensive sectors of the S&P 500 index - outperformed the others in the past week.
* The Dow Jones Industrial Average hit its 11th straight record close on Friday even though it rose just 0.05 percent.
* A report from the U.S. Commerce Department is likely to show orders for long-lasting manufactured goods increased 1.7 percent in January after slipping 0.5 percent the previous month. The data is due at 8:30 a.m. ET. * Among stocks, electric carmaker Tesla slipped nearly 2 percent in premarket trading after Goldman Sachs downgraded the company's stock to "sell" from "neutral" and lowered its price target.
* Apple edged up 0.4 percent to $137.20 after Warren Buffett told CNBC that Berkshire Hathaway had bought 120 million shares of the iPhone maker this year.
* La Jolla Pharmaceutical jumped 41 percent to $28 following the success of its lead experimental drug in a late-stage study.
* Sun Communities dropped 5.9 percent to $78.61 after Citigroup downgraded the REIT's stock to "neutral", according to a trader.
Futures snapshot at 6:56 a.m. ET:
* Dow e-minis were down 2 points, or 0.01 percent, with 25,220 contracts changing hands.
* S&P 500 e-minis were up 0.25 points, or 0.01 percent, with 150,419 contracts traded.
* Nasdaq 100 e-minis were down 4.25 points, or 0.08 percent, on volume of 23,319 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila)