Wall Street futures were pointing to a positive open Wednesday, Dec. 20, after the U.S. Senate passed a sweeping tax-overhaul bill in the early hours of the day.
Futures for the Dow Jones Industrial Average gained 73 points, or 3%, while futures for the S&P 500 rose 7.5 points. U.S. stocks stumbled on Tuesday, Dec. 19, after scoring new record highs during the previous session.
U.S. stock futures on Wednesday traded in contrast to European markets, which were in the red. London's FTSE 100 fell 0.12%, Germany's DAX declined 0.4% and France's CAC 40 slipped 0.4%.
The Senate passed the GOP-led tax bill early Wednesday morning by a vote of 51 to 48, along party lines.
The House of Representatives was poised to reconsider the bill on Wednesday. The House approved the bill on Tuesday, Dec. 19, but the vote will have to be repeated because of a procedural snag pointed out by Senate rules-makers.
The House vote was 227 to 203, with no Democrats supporting the bill and 12 Republicans opposed.
FedEx Corp. (FDX) shares were up 2.42% in premarket trading after the shipping company on Tuesday reported higher quarterly profit due to increased volumes. The company posted second-quarter net income of $775 million, or $2.84 a share, up from $700 million, or $2.59, a year earlier.
Micron Technology Inc. (MU) shares surged in premarket trading Wednesday, jumping 6.12%, after the chipmaker posted better-than-expected quarterly earnings after the bell on Tuesday. The company reported an increase of 71.4% in net sales to $6.8 billion in the three months to Nov. 30, beating estimates of $6.41 billion.
Micron said it expected adjusted revenue of $6.80 billion to $7.20 billion and an adjusted profit of $2.51 to $2.65 a share for the current quarter.
Red Hat Inc. (RHT) shares fell 3.52% in premarket trading on Wednesday despite the software company reporting fiscal third-quarter earnings and sales above Wall Street estimates and after Red Hat provided upbeat guidance.
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