February 24, 2017 / 12:19 PM / 10 months ago

US STOCKS-Futures drop along with oil prices

* Futures down: Dow 77 pts, S&P 9.75 pts, Nasdaq 27.25 pts

By Tanya Agrawal

Feb 24 (Reuters) - U.S. stock index futures were lower on Friday as a drop in oil prices weighed on the “Trump rally”, with investors also seeking details regarding President Donald Trump’s plans to boost the economy.

* Oil prices fell after U.S. crude inventories rose for a seventh week, showing the market is still struggling to ease oversupply.

* Gain in crude prices helped U.S. stocks edge higher on Thursday as did a renewed pledge by Trump to bring back jobs to the United States.

* Trump’s promises of tax reforms, a reduction in regulation and increased infrastructure spending, has helped spur equities to record highs. The S&P 500 is up more than 10 percent since the election. The Dow notched a record high for a tenth straight session on Thursday, its longest such streak since 1987.

* But, with little clarity on Trump’s proposals, those gains have come with the markets trading in a tight range. The benchmark S&P 500 index has not register a move of at least one percent in either direction since Dec. 7.

* U.S. Treasury Secretary Steven Mnuchin also tempered investor enthusiasm on Thursday when he said any policy steps would probably have only a limited impact this year.

* Investor will likely get more clarity on Trump’s plan on Tuesday, when he addresses a joint session of Congress.

* Data due on Friday includes a report from the U.S. Commerce Department that is likely to show new single-family home sales rebounded in January.

* Separately, a report from the University of Michigan is seen showing that the final consumer sentiment index held at 96.0 in February, compared with a preliminary reading of 95.7. Both reports are expected at 10 a.m. ET (1500 GMT).

* Shares of Hewlett Packard Enterprise fell 6.73 percent to $23 in premarket trading after the company cut its full-year profit forecast.

* J.C. Penney rose 1.9 percent to $6.99 after the department store operator said it would close about 130-140 stores over the next few months.

* Baidu was down about 1.75 percent at $181.40 as the internet search giant’s revenue fell for a second straight quarter.

Futures snapshot at 7:10 a.m. EDT:

* Dow e-minis were down 77 points, or 0.37 percent, with 22,163 contracts changing hands.

* S&P 500 e-minis were down 9.75 points, or 0.41 percent, with 124,774 contracts traded.

* Nasdaq 100 e-minis were down 27.25 points, or 0.51 percent, on volume of 24,413 contracts. (Reporting by Tanya Agrawal; Editing by Savio D‘Souza)

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