Major US equity indices witnessed flat to slightly positive opening on Thursday as investors cheered encouraging quarterly earnings report, which justified stretched market valuation.
The positive opening, however, lacked conviction amid disappointment from the US President Donald Trump’s much-awaited tax reform plan, which was unveiled on Wednesday but lacked any specific details on how the tax cuts would be funded without increasing the deficit.
During opening hour of trade, tech-heavy Nasdaq Composite Index climbed nearly 18-points and traded at record high level around 6,043. Meanwhile, the broader S&P 500 Index and the Dow Jones Industrial Average were nearly unchanged from yesterday’s closing levels.
On the economic data front, the disappointing release of durable goods orders and an unexpected jump in weekly jobless claims further weighed on investors’ sentiment and did little to provide any fresh impetus for the markets.
In central bank actions on Thursday, both the BOJ and the ECB left their monetary policies unchanged but offered upbeat economic outlook.