* Trump has promised major tax announcement in coming weeks
* Verizon drops on new unlimited data plan, weighs on rivals
* Hain Celestial slumps after receiving subpoena from SEC
* Futures up: Dow 59 pts, S&P 5.5 pts, Nasdaq 9.5 pts
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
Feb 13 U.S. stocks looked set to open higher on
Monday as the so-called "Trump trade", which sent Wall Street to
record highs last week, looked set to pick up speed after a
The three main U.S. stock indexes closed at record highs on
Thursday and Friday as optimism about the economy rose after
President Donald Trump vowed to make a major tax announcement in
the next few weeks.
The S&P 500 has surged 8.3 percent since Trump's Nov.
8 election, fueled by expectations he will lower corporate
taxes, reduce regulations and increase infrastructure spending.
The rally had stalled amid concerns over Trump's
protectionist stance and lack of clarity on policy reforms.
Investors are now closely watching as the
businessman-turned-politician lays out the finer details of his
agenda to boost economic growth.
Investors were also comforted by the two-day U.S.-Japan
summit held over the weekend apparently having ended smoothly
without Trump talking tough on trade, currency and security
The Japanese yen, the demand for which rises when risk
appetite falls, was the biggest underperformer among major
currencies. World stocks rose, with Asian shares rallying to a
Global markets are following the leader (U.S. stocks) after
the resurgence of the "Trump trade", Peter Cardillo, chief
market economist at First Standard Financial wrote in a note.
Cardillo said he expects a "mixed to steady positive
session" as investors brace for Federal Reserve Chair Janet
Yellen's monetary testimony on Tuesday.
The three futures indexes hit record highs. Dow e-minis
were up 59 points, or 0.29 percent, with 23,248
contracts changing hands.
S&P 500 e-minis were up 5.5 points, or 0.24 percent,
with 108,718 contracts traded. Nasdaq 100 e-minis were up
9.5 points, or 0.18 percent, on volume of 19,334 contracts.
Oil prices, which helped the markets break records last
week, were down about 0.7 percent.
Macy's rose 2.2 percent after Barron's said on Sunday
that the department store chain operator could see its shares
rise by 50 percent in a potential sale.
Dow component Verizon slipped 1.5 percent after the
network carrier said it would reintroduce its unlimited data
AT&T was down 0.97 percent, T-Mobile dropped
1.6 percent and Sprint fell 2.6 percent.
Hain Celestial dropped 11 percent after the
packaged foods maker disclosed on Friday that the SEC issued a
subpoena seeking certain documents.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by