Updated from 5:53 a.m. EDT
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Here are five things you must know for Thursday, April 27:
1. -- U.S. stock futures were rising modestly Thursday after Donald Trump's tax plan failed to deliver any surprises but instead raised many more questions as the details of the plan were scant.
The president's tax plan includes a reduction in the corporate tax rate to 15% from 35% and a top individual tax rate of 35%, as widely expected. The plan reduces the number of individual tax brackets to three from seven. The plan also backs the repeal of the alternative minimum tax and the death tax. Trump called upon the simplification of the tax code on the campaign trail and over the past three months in office.
"There is still a lot unknown about the tax plan," said Matthew Peterson, chief wealth strategist at LPL Financial. "For example, we know the tax brackets, but not what income levels would trigger the rates. Cash held overseas being repatriated would be at a lower, but still unknown, level."
Peterson added, "To the market, this is a snooze, and we are seeing a model decline after the announcement, simply because neither the president's nor (Treasury) Secretary (Steven) Mnuchin's comments really advance the ball much. The market was looking for clarity. It wasn't going to get it. But it didn't even get the roadmap."
U.S. stocks on Wednesday declined following the tax plan's unveiling. The S&P 500 fell 0.05%, the Dow Jones Industrial Average lost 0.10%, and the Nasdaq ended flat.
European stocks on Thursday traded lower as investors reacted to a mixed set of regional corporate earnings and prepared for what could be a pivotal policy meeting from the European Central Bank later in the session. Asian shares ended the session mixed.
In the U.S. on Thursday, the economic calendar includes Durable Goods Orders for March at 8:30 a.m. EDT, International Trade in Goods for March at 8:30 a.m., weekly Jobless Claims at 8:30 a.m., and Pending Home Sales for March at 10 a.m.
2. -- Donald Trump told the leaders of Mexico and Canada that the U.S. won't pull out of the North American Free Trade Agreement at this time, just hours after administration officials said the president was considering a draft executive order to do just that.
"President Trump agreed not to terminate NAFTA at this time and the leaders agreed to proceed swiftly, according to their required internal procedures, to enable the renegotiation of the NAFTA deal to the benefit of all three countries," the White House said in a statement.
Trump said he believes "the end result will make all three countries stronger and better."
Watch More: Trump Backs Down From Plan To Scrap NAFTA
Trump had attacked the trade deal during the 2016 election campaign, calling NAFTA "the single worst trade deal ever."
The Mexican peso and Canadian dollar were rising against the U.S. dollar early Thursday.
Earnings are also expected Thursday from American Airlines(AAL) - Get Report , Ford(F) - Get Report , Domino's Pizza(DPZ) - Get Report , MGM Resorts(MGM) - Get Report , Starbucks(SBUX) - Get Report , Under Armour(UA) - Get Report , Dow Chemical(DOW) - Get Report , AbbVie(ABBV) - Get Report , Allergan(AGN) - Get Report , Bristol-Myers(BMY) - Get Report , Celgene(CELG) - Get Report , Alphabet(GOOGL) - Get Report , Amazon.com(AMZN) - Get Report , Baidu(BIDU) - Get Report , Microsoft(MSFT) - Get Report and Western Digital(WDC) - Get Report .
Southwest Airlines, Starbucks, Dow Chemical, Allergan, Alphabet and Western Digital are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells LUV, SBUX, DOW, AGN, GOOGL or WDC? Learn more now.
4. -- Deutsche Bank(DB) - Get Report posted slightly better-than-expected first-quarter profit, although revenue slipped, as Germany's biggest lender attempts to put its litigation and capital raising risks behind it.
Deutsche Bank said pretax profis for the first three months of the year were €878 million ($956.8 million), modestly ahead of the consensus forecast of €868 million but a significant swing from the €2.4 billion loss recorded over the same period last year. Revenue for the quarter grew 4.4% to €7.346 billion, the bank said, missing analysts' forecasts of €8.1 billion. Net income was €575 million, beating the €522 million estimate.
"I am pleased with the start we have made to 2017. Client engagement is strong, asset flows are returning across the bank and activity is picking up," said CEO John Cryan. "Our cost-cutting efforts are starting to pay off, while we have reduced complexity significantly. We have laid firm foundations upon which Deutsche Bank can once again deliver good results."
5. -- United Airlines(UAL) - Get Report announced a 10-point plan to improve customer service -- including raising the limit on payments to flyers that are denied boarding to $10,000 -- and laid out new details of the circumstances and its own four failures that led it to request the Chicago Aviation Authority to remove a recalcitrant passenger from a flight.
The airport authority's security workers dragged the passenger, a 69-year-old man, from United Express Flight 3411 on April 9; a video of the event provoked widespread outrage.
The circumstances included four failures that United blamed on itself.
They were calling on law enforcement to assist with policy enforcement when there was no threat to safety; rebooking crew at the last minute; offering insufficient compensation and insufficient travel options to induce passengers to voluntarily give up seats; and providing insufficient employee training and empowerment for such situations.
Among United's changes in policy: The airline will increase the limit on customer compensation for denied boarding to $10,000; it will use law enforcement for safety and security issues only; it will reduce the amount of overbooking; and it will increase both employee training and employee empowerment to resolve customer service issues.
More top stories from TheStreet:
- LeBron James Finally Reveals Why He Left $15 Million of McDonald's Cash on the Table to Sell Pizza
- President Trump Will Negotiate NAFTA With Leaders of Canada, Mexico
- These Are the 25 Highest Paying Jobs in America
- Jim Cramer Previews Earnings for Southwest, Starbucks and Alphabet
- Tax Reform Could Boost U.S. Businesses: Cramer's 'Mad Money' Recap (Wednesday 4/26/17)