Wall Street futures pointed higher on Thursday, Dec. 21, after passage of the $1.5 trillion U.S. tax overhaul.
U.S. stocks fell on Wednesday, Dec. 20, as the benefits of the proposed tax changes were likely already priced in. The Dow Jones Industrial Average declined 0.11%, the S&P 500 fell 0.08% and the Nasdaq slipped 0.04%.
Dow futures on Thursday rose 36 points, or 0.152%, in the run-up to the start of trading, having lingered in negative territory throughout the Asian and European sessions. S&P 500 futures were up 0.21%.
Futures maintained gains after third-quarter gross domestic product in the U.S. was lowered to 3.2% from its last estimate of 3.3%.
In other economic news, weekly jobless claims jumped 20,000 to 245,000, rising by the largest amount since early September.
Banks could be the biggest winners from the tax plan, which now awaits a signature from Donald Trump.
The biggest U.S. banks could see an average 13% increase in earnings per share from a drop in the corporate tax rate to 21%, according to Goldman Sachs. Wells Fargo & Co. (WFC) - Get Report and PNC Financial Group Inc. (PNC) - Get Report may have the biggest gains, Goldman said.
Wells Fargo shares were up 0.6% in premarket trading.
Wells Fargo, Fifth Third Bancorp (FITB) - Get Report and Western Alliance Bancorp (WAL) - Get Report said they would raise the minimum wage for their workers to $15 an hour following passage of the tax bill.
AT&T Inc. (T) - Get Report and Comcast Corp. (CMCSA) - Get Report said Wednesday they would give thousands of U.S. employees bonuses of $1,000 each after the tax bill was approved by the Senate and House.
AT&T shares gained 0.5% in premarket trading and Comcast was up 1.4%.
Apple Inc. (AAPL) - Get Report shares rose slightly in premarket trading after the world's biggest tech company admitted on Wednesday that that it intentionally slows down iPhones as they get older.
Finish Line Inc. (FINL) reported a third-quarter adjusted loss of 26 cents a share, much narrower than Wall Street's expectations. The company also said same-store sales in the period rose 0.8%; analysts expected a decline of 4.5%. The stock jumped nearly 10.8% in premarket trading.
Shares of Bed Bath & Beyond Inc. (BBBY) - Get Report fell 5% despite the retailer reporting third-quarter earnings ahead of expectations and same-store sales that fell 0.3%, which was narrower than analysts predicted.
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