Stock Opened Slightly Higher ahead of Tax Announcement

U.S. stocks opened slightly higher on Wednesday as investors awaited an announcement from President Donald Trump’s on a “massive” tax plan. The Dow Jones Industrial Average lately gained 9.91 points, or 0.05%, to 21,006.03. The S&P 500 traded up 0.26 point, or 0.01% to 2,388.87. The Nasdaq Composite was down 0.75 point, or 0.01%, to 6,024.74.

Oil futures were under pressure on Wednesday after an industry group said U.S. oil and gasoline inventories rose last week. Light, sweet crude futures for delivery in June was recently down 4 cents at $49.42 a barrel. June Brent crude was flat at $52.55.

Twitter Inc. reported better-than-expected user growth. Twitter’s monthly active users, one of the most closely watched metrics for analysts, increased by 6 percent, or 18 million, to 328 million in the first quarter from a year earlier.

Boeing Co on Wednesday reported a 19 percent rise in first-quarter profit despite declining revenue, and it boosted its forecast for full-year earnings. It earned $1.45 billion, or $2.34 per share, compared with $1.22 billion, or $1.83 per share, a year earlier. Revenue fell 7.3 percent to $20.98 billion.