Futures rise after Trump speech; banks up on rate talk

E-mini Dow Jones Industrial Average

The US economy in 2016 grew by 1.9% in the second quarter, which was weaker than expected at 2.1%, according to a revised report. Investors are betting that his policies on taxes and regulation will accelerate economic growth and boost corporate profits. The S&P 500 and the Nasdaq Composite gained 1.4 percent to hit fresh record closing highs.

The Dow Jones industrials closed at a record high for the 12th consecutive time Monday.

Stocks have risen sharply in the wake of the November 8 election, bolstered by Trump's promises of tax reform, infrastructure spending and reduced regulations, and investors are looking for more specifics on how he may achieve those promises. The Standard & Poor's 500 index slid 6.11 points, or 0.3 percent, to 2,363.64. The fund provided a year-to-date return of 5.66% and a one-year return of 27.7%. Technology was also lower with the S&P 500 technology sector down 0.48%. The company provided EPS guidance of minus $0.02 for the period, compared with the Thomson Reuters consensus EPS estimate of $0.25.

"The dollar and yields are moving higher as next theme of the market, the "Fed" overrides the Trump effect". The day's main highlight, though, is scheduled for after the close, when President Donald Trump addresses Congress for the first time.

This ETF tracks the Dow Jones Industrial Average. Natural gas futures shed 9 cents, or 3.4 percent, at $2.69 per 1,000 cubic feet. South Korea's markets were closed for a holiday.

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A PMI reading above 50 indicates expansion in economic activity.

Banks, which benefit from higher interest rates and have been among the biggest beneficiaries of the global stock market rally that followed Trump's election previous year, rose three per cent, making them the biggest sectoral gainer in Europe.

With Trump set to deliver his first major policy speech to Congress in Washington, speculation on whether he'll deliver details or be able to convince lawmakers to go along with his proposals had investors unwilling to add to riskier bets with stocks near all-time highs. Only the Nasdaq was unable to match that.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Wednesday.

European stocks are back in favour. Tassal shares were placed in a trading halt after the salmon producer unveiled plans to raise as much as $100 million to help fund its expansion plans. Hanesbrands Inc. (NYSE:HBI) fell 3.4% after being downgraded by Morgan Stanley on a deterioration in sales and cash flow.

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