Stocks squeeze out slim early gains ahead of Trump tax plan

|By:, SA News Editor

Stocks move marginally higher at the open as investors await the latest tax-related announcement from D.C.; S&P and Dow +0.1%, Nasdaq flat.

Treasury Secretary Mnuchin confirmed this morning that the Trump tax plan, to be unveiled this afternoon, will call for a 15% corporate tax rate, down from the current 35%, and reports indicate the plan would allow multinational firms to bring overseas profits back to the U.S. at a 10% tax rate from the current 35%.

European bourses are little changed, as France's CACĀ +0.1% with U.K.'s FTSE and Germany's DAX flat; in Asia, Japan's Nikkei ended +1.1% and China's Shanghai Composite closed +0.2%.

Among the latest earnings reports, Boeing and Procter & Gamble each open ~1% lower after coming up short in revenues.

Like equities, the bond market trades essentially flat in early action, with the benchmark 10-year yield unchanged at 2.33%.

U.S. crude oil -0.8% at $49.16/bbl after the API's weekly inventory report showed a build of 900K barrels while the consensus called for a draw of 1.3M barrels.

Still ahead: EIA petroleum inventories