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US STOCKS-Futures flat ahead of speech from Yellen, Quarles
November 7, 2017 / 12:33 PM / a month ago

US STOCKS-Futures flat ahead of speech from Yellen, Quarles

* Futures: Dow up 19 pts, S&P down 0.25 pts, Nasdaq down 1 pt

By Tanya Agrawal

Nov 7 (Reuters) - U.S. stock index futures were flat on Tuesday as investors parse another round of earnings reports and await a speech from outgoing Federal Reserve Chair Janet Yellen.

* Yellen will give acceptance remarks at a presentation of the Paul H. Douglas Award for Ethics in Government in Washington at 2:30 p.m. ET (1830 GMT).

* Her speech will come less than a week after President Donald Trump chose Fed governor Jerome Powell to replace Yellen at the end of her term in 2018.

* Apart from Yellen, Fed Vice Chair for Supervision Randal Quarles will take part in a discussion on financial regulation.

* This will be Quarles’ first extensive public comments since taking up the job and Wall Street will be keen to hear on the deregulation of banks from Trump’s nominee.

* Investors will also keep an eye on the ongoing tax bill negotiations within the Republican party. House Republicans last week unveiled the first draft of a tax overhaul bill that, if enacted, would be the biggest overhaul of the U.S. tax system since the 1980s.

* It proposes a range of tax cuts aimed at helping businesses, including slashing the corporate rate to 20 percent from 35 percent.

* U.S. stocks climbed to record highs on Monday, helped by optimism about merger activity and as investors bet that the tax bill would bolster earnings.

* The S&P has risen about 15 percent in 2017 on the back on strong earnings and Trump’s promises to cut taxes, increase infrastructure spending and reduce regulation.

* With more than 400 of S&P 500 companies having reported, earnings for the third quarter are expected to have climbed 8 percent, compared with expectations of a 5.9 percent rise at the start of October, according to Thomson Reuters I/B/E/S.

* Shares of Valeant Pharma was up 11.7 percent after its profit beat Wall Street estimates due to strength in its eye-care Bausch + Lomb business.

* Shares of Priceline Group were down 9.8 percent after the online travel services company gave a softer-than-expected guidance for the fourth quarter.

* Weight Watchers jumped 12.7 percent after the weight management company raised its profit forecast.

Futures snapshot at 7:11 a.m. ET:

* Dow e-minis were up 19 points, or 0.08 percent, with 19,792 contracts changing hands.

* S&P 500 e-minis were down 0.25 points, or 0.01 percent, with 123,942 contracts traded.

* Nasdaq 100 e-minis were down 1 point, or 0.02 percent, on volume of 23,858 contracts. (Reporting by Tanya Agrawal; Editing by Arun Koyyur)

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