Dow Jones Industrial Average (DJIA) futures are pointed lower this morning, as traders digest President Trump's tax plan, which critics say would substantially increase the U.S. deficit. Investors are also responding to the final gross domestic product (GDP) reading, which was revised up to 3.1%for thesecond quarter -- the fastest growth in two years. Weekly jobless claims also surged more than expected last week, driven by recent hurricanes and tropical storm damage.
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The must-see biotech buy signal. 2 hot financial stocks with room to run. Ford stock looks to drive higher on a Lyft collaboration.Plus, BlackBerry's record quarter; the biotech stock set to double; and DexCom stock sinks on Abbott's FDA nod.It was a mixed finish in Asia today, with Tokyo stocks outpacing their regional peers, as financial shares gained following the release of Trump's tax plan in the U.S. Additionally, Prime Minister Shinzo Abe dissolved the lower house of parliament ahead of the country's snap election on Sunday, Oct. 22. At the close, Japan's Nikkei was up 0.5%, while South Korea's Kospi eked out a 0.02% gain. Elsewhere, traders in China took profits off the table ahead of a week-long holiday, with the Shanghai Composite falling 0.2%. Hong Kong's Hang Seng also closed lower, shedding 0.8% as property stocks retreated.
European markets are mostly lower, though bank stocks are outperforming in reaction to the U.S. tax proposal. A negative earnings reaction for Hennes & Mauritz AB is helping to drive some of the downside, with the retailer reported lower-than-expected third-quarter pre-tax profit. Most recently, London's FTSE 100 was down 0.3% and the French CAC 40 is fractionally lower. The German DAX is higher, though, up 0.2%.