November 13, 2017 / 12:19 PM / a year ago

US STOCKS-Futures lower as tax reform uncertainty weighs

* Futures down: Dow 50 pts, S&P 4 pts, Nasdaq 7.75 pts

By Sruthi Shankar

Nov 13 (Reuters) - U.S. stock index futures were marginally lower on Monday as uncertainty over the future of President Donald Trump’s tax reform plan weighed on the sentiment.

* U.S. Senate Republicans have unveiled a new tax plan that differs from the House of Representatives’ version and there are few signs of a compromise.

* Hopes of lower taxes, one of Trump’s main campaign promises, have helped drive the S&P 500 up 20 percent since the 2016 presidential election.

* Shares of General Electric jumped 2.2 percent after the industrial conglomerate said it would halve its quarterly dividend, a move that is expected to save about $4 billion in cash annually. Chief Executive John Flannery is expected to announce restructuring measures later in the day.

* The S&P 500 and the Dow Jones Industrial Average ended the week lower on Friday for the first time in nine weeks.

* Philadelphia Federal Reserve President Patrick Harker said on Monday that he expected to back an interest rate hike next month despite caution over low-inflation.

* Oil was largely steady near two-year highs, trapped between a bullish push from tension in the Middle East and downward pressure from evidence of rising U.S. production.

* Toymaker Mattel jumped about 24 percent after a report that rival Hasbro has made an approach to acquire the company.

* rose nearly 6 percent as China’s second largest e-commerce firm reported revenue that beat estimates, as the firm attracted more shoppers.

Futures snapshot at 6:56 a.m. ET (1056 GMT):

* Dow e-minis were down 50 points, or 0.21 percent, with 23,218 contracts changing hands.

* S&P 500 e-minis were down 4 points, or 0.16 percent, with 140,616 contracts traded.

* Nasdaq 100 e-minis were down 7.75 points, or 0.12 percent, on volume of 26,385 contracts. (Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D’Silva)

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