Updated from 5:50 a.m. EDT
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Here are five things you must know for Wednesday, April 26:
1. -- U.S. stock futures were rising Wednesday as Wall Street awaited an announcement on tax cuts from the Trump administration, a plan that would look to cut the top corporate income tax rate to 15%.
"In spite of concerns that the Trump administration will be unable to deliver his fiscal stimulus promises any time soon, many investors remain hopeful of future reforms, particularly after the White House signaled this week that it plans to introduce legislation aimed at reducing the corporate tax rate," said Margaret Yang, a market analyst at CMC Markets Singapore, the Associated Press reported.
European stocks traded mostly lower Wednesday while shares in Asia finished with gains.
On Tuesday, another big rally on Wall Street made for a day of milestones: The Dow Jones Industrial Average and S&P 500 enjoyed their best back-to-back gains of the year, while the Nasdaq scored a new record and topped 6,000 for the first time.
The Dow added 1.12%, or 232 points, the S&P 500 gained 0.61%, and the Nasdaq climbed 0.70% to end Tuesday at 6,025.
The economic calendar in the U.S. on Wednesday includes Oil Inventories for the week ended April 21, at 10:30 a.m. EDT.
2. -- The White House is expected to unveil a package of tax proposals on Wednesday, taking a first step in delivering to investors the corporate tax cuts they've been banking on for months.
Donald Trump is expected to reiterate calls he made while campaigning to cut the corporate tax rate to 15% from 35% as he unveils the broad outlines of his proposal for reforming the federal tax code. The announcement will mark the administration's most significant measure yet in tackling taxes, though actual legislation remains a long way away.
A 15% corporate tax rate is expected to be the centerpiece of the president's blueprint, reportedThe New York Times. Most observers, however, said the rate is unrealistic.
Such a drastic reduction would slash federal revenue by $2 trillion over 10 years, according to an analysis from the conservative-leaning Tax Foundation during the campaign. Even with dynamic scoring -- meaning you assume tax cuts lead to economic growth -- the government would still be out more than $1 trillion.
It's highly unlikely such a massive addition to the debt will be accepted by Congress, which is why most observers agree that a rate of 22% to 28% is ultimately what will end up in any legislation. That would still be a major win for investors. An analysis from S&P Global Market Intelligence determined even a 10% decrease in the corporate tax rate could drive the S&P 500 up by 15% over the course of the year.
The burrito king posted first-quarter earnings of $1.60 a share, beating Wall Street's estimates for earnings of $1.29. Revenue in the quarter jumped 28.1% to $1.07 billion. Analysts were expecting revenue of $1.05 billion.
Chipotle saw same-store sales growth of 17.8% in the first quarter, higher than the 14.9% increase analysts were anticipating, helped in part by promotions and ramped up marketing efforts. On a call with analysts, Chipotle said underlying sales strength continued into April. Chipotle CEO Steve Ells said he is "as optimistic" as he's ever been since joining the company 24 years ago.
The company said it recently detected unauthorized activity on its network that supports its payment system in restaurants, but believes it has stopped the activity. Customer accounts that were used online from March 24 through April 18 were compromised. Ells declined to comment further pending the investigation.
The stock was rising 2.7% in premarket trading.
4. -- Swiss banking giant Credit Suisse(CS) - Get Report said Wednesday it would raise about $4 billion in a rights issue that will seek to bolster its balance sheet as European rivals scramble to improve their financial foundations and increase lending capacity.
The bank also said it wouldn't sell its domestic Swiss operations, addressing speculation that it would seek a spinoff of the unit that some have said has held down profitability at the country's largest lender.
The plan to raise capital comes as the bank posted first-quarter pretax profit of Sfr889 million ($894.3 milion) on a 19% increase in total group revenue of Sfr5.5 billion.
"We have had a strong start to 2017, achieving profitability both on a reported and an adjusted basis for the Group. This is an important step in the execution of our strategy that we started to implement in October 2015 a year ago," said CEO Tidjane Thiam. "We are making good progress in our strategy of being a wealth manager with strong investment banking capabilities thanks to the continued trust of our clients and the hard work of our teams."
Credit Suisse shares were rising 2.6% in Zurich early Wednesday.
The stock was rising 0.6% in premarket trading.
Earnings are expected Wednesday from Procter & Gamble(PG) - Get Report , Buffalo Wild Wings (BWLD) , Hershey(HSY) - Get Report , Boeing (BA) - Get Report , Amgen (AMGN) - Get Report , Baxter International(BAX) - Get Report , Netgear(NTGR) - Get Report , PayPal(PYPL) - Get Report , Seagate(STX) - Get Report and Twitter(TWTR) - Get Report .
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