December 15, 2017 / 12:28 PM / a year ago

US STOCKS-Futures recover from tax bill concerns

* Futures up: Dow 69 pts, S&P 500 5.5 pts, Nasdaq 16 pts

By Rama Venkat Raman

Dec 15 (Reuters) - U.S. stock markets were set to open higher on Friday, recovering from a bout of uncertainty surrounding the passage of the Republicans’ much-awaited tax overhaul bill.

* The benchmark S&P 500 fell the most in a month on Thursday after Republican Senators Marco Rubio and Mike Lee said they would not back the bill without changes to child tax credits, joining a list of lawmakers whose support is uncertain.

* Stock market has rallied this year, partly on hopes of corporate tax cuts that President Donald Trump promised during his election campaign.

* At 7:01 a.m. ET (1201 GMT), Dow e-minis were up 69 points, or 0.28 percent, with 1,577 contracts changing hands. S&P 500 e-minis were up 5.5 points, or 0.21 percent, with 17,746 contracts traded. Nasdaq 100 e-minis were up 16 points, or 0.25 percent, on volume of 1,979 contracts.

* Bitcoin hit a new high of $17,751 on Bitstamp exchange in the day, boosting shares of related stocks including Riot Blockchain,, Xunlei, which were between 1.43 percent and 4.72 percent in early premarket trading.

* Shares of Oracle fell 6.85 percent after the company’s forecast for the current-quarter cloud revenue growth missed estimates and the second quarter sales in the business disappointed.

* CSX Corp shares fell 5.25 percent after the No.3 U.S. railroad said its Chief Executive Hunter Harrison was taking medical leave, a decision that comes in the middle of a controversial turnaround plan.

* Costco Wholesale shares rose 2.16 percent after the company’s quarterly profit and revenue beat analysts’ estimates.

* Oil prices were higher on Friday, lifted by the Forties pipeline outage in the North Sea and ongoing OPEC-led production cuts, although rising output from the United States kept a lid on markets.

* The Federal Reserve’s report on industrial production is likely to show a gain of 0.3 percent in November, after surging 0.9 percent the prior month. The report is due at 9:15 a.m. ET. (Reporting by Rama Venkat Raman in Bengaluru; Editing by Arun Koyyur)

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