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Here we go again.
US stock futures were pushing steadily higher on Friday morning as investors begin yet another day expecting a first critical vote in Congress on healthcare legislation, even with the final outcome of the vote completely up in the air.
Yesterday, US equities indices largely gave up their earlier gains after Republican leadership in the US House of Representatives postponed a scheduled vote on legislation to roll back and undo parts of the Affordable Care Act, also known as Obamacare. But futures were tipping major indices to rebound at the start of trading Friday after President Donald Trump insisted that the vote will be held today.
Futures point to the Dow Jones Industrial Average picking up 0.2 per cent to 20,628, S&P 500 climbing 0.15 per cent to 2,343.5 and the Nasdaq 100 rising 0.2 per cent to 5,364.
Just hours before a series of votes are expected to get underway in the House around 10 am Eastern Time, it’s still unclear whether there are enough votes for the legislation to pass. But markets are breathing a sigh of relief after Mr Trump signalled that, win or lose, he was prepared to move on quickly to tackle one of his policies most eagerly anticipated by the business community: tax reform.
Ahead of the vote, yields on the 10-year Treasury notes were flat at 2.42 per cent, while the dollar index – which measures the greenback against a basket of its peers – was also relatively unchanged at 99.69.