Midday Report: Domestic Crude Inventories Post Large Drop; U.S. Steel Slumps on Surprise Loss

U.S. stocks were higher after a shaky morning as Wall Street awaited the fine print of the Trump Administration's tax plan. Trump has suggested he will cut the corporate tax rate to 15% from 35%, a reduction that would significantly decrease federal revenue. Crude oil prices turned higher after a sharper decline in weekly domestic inventories than expected. A downward trend comes as a relief to commodity traders worried over ballooning U.S. production and a global supply glut. U.S. Steel (X) - Get Report knocked off a quarter of its value after reporting a surprise loss over its recent quarter. The steelmaker pointed to operating challenges at its flat-rolled facilities. PepsiCo (PEP) - Get Report bested earnings and sales estimates over its recent quarter as higher pricing offset weaker volumes in North America. Beverage volume in the region fell by 1% over the quarter.