February 28, 2017 / 12:40 PM / 9 months ago

US STOCKS-Futures flat ahead of Trump's address to Congress

* Futures: Dow up 1 pt, S&P down 1 pt, Nasdaq down 0.75 pt

By Yashaswini Swamynathan

Feb 28 (Reuters) - U.S. stock index futures were flat on Tuesday but hovered near all-time highs as investors awaited President Donald Trump’s speech for details on his agenda for the economy.

* Trump will make his first address to Congress at 9:00 p.m. ET (0200 GMT) and is expected to speak about tax reforms, defense spending and his plans to overhaul the U.S. healthcare system.

* In a meeting with state governors on Monday, Trump said he sees “big” infrastructure spending and was seeking to boost military spending by more than 9 percent.

* Increased infrastructure spending, which will benefit industrial companies, is one of the reasons for Wall Street’s rapid rise since the November elections.

* Trump’s comments helped the Dow Jones Industrial Average mark its 12 straight record close on Monday, a feat not seen since 1987.

* Markets could be influenced by a clutch of data including the second estimate for fourth-quarter gross domestic product, which likely rose 2.1 percent. The data is due at 8:30 a.m. ET.

* Consumer confidence in February is estimated to have edged down to 111.0 from 111.8 in January, a report at 10:00 a.m. ET will likely show.

* Investors will also watch a host of Federal Reserve officials, including Philadelphia Fed President and policy voting member Patrick Harker, speak during the day for clues on the possibility of a March interest rate hike.

* Among stocks, Target plunged 12.74 percent to $58.60 in premarket trading after the big-box retailer warned sales could continue to decline this year.

* Valeant rose 4.4 percent to $17.45 following quarterly revenue and profit that beat analysts’ average estimates.

* Perrigo dropped 12.2 percent to $74.35 after the drugmaker said it would delay filing its annual report.

Futures snapshot at 7:07 a.m. ET:

* Dow e-minis were up 1 point, or 0 percent, with 14,752 contracts changing hands.

* S&P 500 e-minis were down 1 point, or 0.04 percent, with 98,237 contracts traded.

* Nasdaq 100 e-minis were down 0.75 points, or 0.01 percent, on volume of 14,677 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila)

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