Wall St set to rebound on strong Wal-Mart Cisco earnings

Reuters

By Sruthi Shankar

Nov 16 (Reuters) - U.S. stock indexes were on track to recover some ground on Thursday after two days of losses, driven by strong earnings from Wal-Mart and Cisco.

Shares of the world's largest retailer jumped 4.42 percent in premarket trading after the company reported better-than-expected sales, driven by hurricane-related purchases and soaring online sales.

"One of the most remarkable stories of this year is Wal-Mart and they are again proving that with their results today," said Art Hogan, chief market strategist at B. Riley FBR in Boston.

The S&P 500 recorded its biggest percentage decline in more than 2 months on Wednesday as energy stocks dropped on sliding crude prices and concerns over the passage of a tax revamp after two Republican senators were critical of the proposal weighed.

The Republican-controlled U.S. Congress was approaching a major test on Thursday of its ability to overhaul the federal tax code, as lawmakers prepared for their first full-scale vote on sweeping tax legislation.

Upbeat data on Wednesday added to expectations the Federal Reserve will hike interest rates again next month as well as multiple times next year.

At 8:34 a.m. ET (1234 GMT), Dow e-minis were up 68 points, or 0.29 percent, with 29,947 contracts changing hands.

S&P 500 e-minis were up 7.75 points, or 0.3 percent, with 208,483 contracts traded.

Nasdaq 100 e-minis were up 26 points, or 0.41 percent, on volume of 39,997 contracts.

Folgers coffee maker J M Smucker rose about 6 percent and Viacom gained 0.98 percent after reporting results.

Mattel slipped 1.20 percent after Reuters reported the toy maker has rebuffed Hasbro's latest takeover approach, according to people familiar with the matter.

Best Buy slipped 1.3 percent as quarterly same-store sales came in below estimates, hurt by a late launch of iPhone X.

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