* Futures down: Dow 77 pts, S&P 9.75 pts, Nasdaq 27.25 pts
By Tanya Agrawal
Feb 24 U.S. stock index futures were lower on
Friday as a drop in oil prices weighed on the "Trump rally",
with investors also seeking details regarding President Donald
Trump's plans to boost the economy.
* Oil prices fell after U.S. crude inventories rose for a
seventh week, showing the market is still struggling to ease
* Gain in crude prices helped U.S. stocks edge higher on
Thursday as did a renewed pledge by Trump to bring back jobs to
the United States.
* Trump's promises of tax reforms, a reduction in regulation
and increased infrastructure spending, has helped spur equities
to record highs. The S&P 500 is up more than 10 percent since
the election. The Dow notched a record high for a tenth straight
session on Thursday, its longest such streak since 1987.
* But, with little clarity on Trump's proposals, those gains
have come with the markets trading in a tight range. The
benchmark S&P 500 index has not register a move of at least one
percent in either direction since Dec. 7.
* U.S. Treasury Secretary Steven Mnuchin also tempered
investor enthusiasm on Thursday when he said any policy steps
would probably have only a limited impact this year.
* Investor will likely get more clarity on Trump's plan on
Tuesday, when he addresses a joint session of Congress.
* Data due on Friday includes a report from the U.S.
Commerce Department that is likely to show new single-family
home sales rebounded in January.
* Separately, a report from the University of Michigan is
seen showing that the final consumer sentiment index held at
96.0 in February, compared with a preliminary reading of 95.7.
Both reports are expected at 10 a.m. ET (1500 GMT).
* Shares of Hewlett Packard Enterprise fell 6.73
percent to $23 in premarket trading after the company cut its
full-year profit forecast.
* J.C. Penney rose 1.9 percent to $6.99 after the
department store operator said it would close about 130-140
stores over the next few months.
* Baidu was down about 1.75 percent at $181.40 as
the internet search giant's revenue fell for a second straight
Futures snapshot at 7:10 a.m. EDT:
* Dow e-minis were down 77 points, or 0.37 percent,
with 22,163 contracts changing hands.
* S&P 500 e-minis were down 9.75 points, or 0.41
percent, with 124,774 contracts traded.
* Nasdaq 100 e-minis were down 27.25 points, or 0.51
percent, on volume of 24,413 contracts.
(Reporting by Tanya Agrawal; Editing by Savio D'Souza)