* Tax reform plan expected later in the day
* Boeing slips on lower revenue
* US Steel tumbles on revenue and profit miss
* Indexes up: Dow 0.08 pct, S&P 0.06 pct, Nasdaq 0.09 pct
(Updates to open)
By Yashaswini Swamynathan
April 26 U.S. stocks were little changed on
Wednesday amid a flood of corporate earnings and ahead of a
highly anticipated tax reform plan.
President Donald Trump is proposing to slash the corporate
tax rate and offer multinational businesses a steep tax break on
overseas profits brought into the United States, officials said
late on Tuesday.
U.S. Treasury Secretary Steven Mnuchin told CNBC that the
plan would cut the business tax rate to 15 percent and that
there was fundamental agreement with Congress on tax reform
goals. The administration is expected to release details of the
plan later on Wednesday, he said.
"We have a pretty good idea that he (Trump) is targeting
lower corporate taxes, lower individual taxes and a
simplification of the process, but all that is in an ideal
world," said Andre Bakhos, managing director at Janlyn Capital
in Bernardsville, New Jersey.
"The market will not interpret the plan negatively, but
there are obstacles in that course, just like with anything that
Trump says and does."
At 9:39 a.m. ET (1339 GMT), the Dow Jones Industrial Average
was up 17.39 points, or 0.08 percent, at 21,013.51 and
the S&P 500 was up 1.42 points, or 0.06 percent, at
The Nasdaq Composite was up 5.58 points, or 0.09
percent, at 6,031.07 easing from an all-time high of 6,037.21.
Investors are also assessing a raft of quarterly earnings
reports. Boeing's shares fell 1.5 percent and weighed the
most on the Dow after the planemaker reported a decline in
Among gainers, Edwards Lifesciences surged 14 percent
after it reported strong quarterly revenue and raised its
full-year earnings forecast. The stock was the top percentage
gainer on the S&P 500.
Twitter jumped more than 11 percent after reporting
a strong rise in monthly active users and a quarterly profit
that blew past expectations.
Wall Street marked its best two-day gain on Tuesday, with
the Nasdaq breaching 6,000 for the first time amid impressive
earnings and easing political uncertainty in France.
"In this process of searching for new highs, I expect profit
taking and pauses as investors question where the next push will
come from" Bakhos said.
Eight of the 11 major S&P sectors were lower. Losses in
consumer staples and energy offset gains in
Shares of Wynn Resorts rose 4 percent to $122.94
after the casino operator reported better-than-expected revenue
from its new casino in China's gambling territory.
US Steel tumbled more than 25 percent after the
company's profit and revenue missed analysts' expectations.
Declining issues outnumbered advancers on the NYSE by 1,367
to 1,166. On the Nasdaq, 1,131 issues rose and 1,121 fell.
The S&P 500 index showed 40 52-week highs and two lows,
while the Nasdaq recorded 69 highs and seven lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by