December 22, 2017 / 12:38 PM / 8 months ago

US STOCKS-Futures point to positive session on Wall St

* Futures up: S&P 2.5 pts, Nasdaq 9.5 pts, Dow 38 pts

By Sruthi Shankar

Dec 22 (Reuters) - U.S. stock futures pointed to slight gains for Wall Street in what could be a quiet session on Friday as investors prepare for the Christmas holiday.

The highlight of the week was a historic overhaul of the U.S. tax code, which is expected to benefit corporates due to a significant cut in the amount levied on businesses, hopes of which have sparked a rally in the equity market this year.

Investors were also relieved after the U.S. Congress averted a government shutdown on Thursday just one day before federal funding was due to expire.

At 6:52 a.m. ET (1152 GMT), S&P 500 e-minis were up 2.5 points, or 0.09 percent, with 38 contracts changing hands. Nasdaq 100 e-minis were up 9.5 points, or 0.15 percent, in volume of 7 contracts. Dow e-minis were up 38 points, or 0.15 percent, with 17 contracts changing hands.

Global stock markets, however, were subdued after Catalan separatists wanting to break away from Spain won a regional election, battering Spanish stocks and the euro.

Wall Street’s main indexes rose on Thursday boosted by bank and oil stocks after data showed the U.S. economy grew in the third quarter at its fastest pace in more than two years.

Investors will parse through a barrage of reports for more signs of strength in the economy.

The Federal Reserve’s preferred inflation measure, personal consumption expenditures price index excluding food and energy, is forecast to show a 0.1 percent rise in November.

A report on consumer spending, which accounts for more than two-thirds of U.S. economic activity, is expected to have increased by 0.5 percent in November. Data on durable goods is also expected. All reports are due at 8:30 a.m. ET.

Nike dipped more than 2 percent in premarket trading after the company forecast muted current-quarter revenue growth, highlighting its struggles to regain market share in North America from a resurgent Adidas.

Celgene shares fell 4.52 percent after the company’s follicular lymphoma regimen failed in a clinical trial.

Shares of Ignyta soared 72 percent after Swiss drugmaker Roche said it would buy the U.S. cancer drug specialist for $1.7 billion. (Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D’Silva)

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