US pre-open: Stocks seen muted ahead of GDP, more Fedspeak

US futures pointed to a muted open on Wall Street as investors eyed the release of some key economic growth data and more speeches from Federal Reserve officials.

At 1220 BST, Dow Jones Industrial Average, S&P 500 and Nasdaq futures were all off 0.1%.

On Wednesday, President Trump outlined his new tax plans, which would see corporate tax cut to 20% from 35% and create just three tax bands of 12%, 25% and 35% instead of the current seven, with a recommended surcharge on the very wealthy.

David Cheetham, chief market analyst at XTB, said: "The main takeaway from a market perspective was the announcement of plans for a substantial slashing of corporation tax to 20% from 35% previously and although this is above the 15% level Trump campaigned on, it still represents a potential boost for the buck.

"However, it should be noted that these plans are yet to be ratified by lawmakers and given the difficulties seen in repealing Obamacare there is still enough doubt around that this reform won’t enjoy an unobstructed passage through government and therefore the market has not seen a large reaction to the news. There is a temptation to look at the last Fed meeting, hawkish Yellen comments and now this tax reform announcement as reasons to suggest a recovery lies ahead in the US dollar, but for now the gains appear to be more corrective in nature after significant year-to-date declines rather than the start of a sustained recovery."

​In corporate news, Blackberry shares surged in pre-market trade after well-received second-quarter results, but Southwest Airlines was in the red after saying the recent hurricanes would dent third-quarter earnings.

Simulation software developer Exa Corp was likely to be in focus after France's Dassault Systemes said it would buy the group in cash deal valued at $400m.

Campbell Soup was also likely to be active after saying late on Wednesday that a lawsuit brought by the estate of a former Pacific Foods shareholder creates an impediment to closing the $700m deal announced in July.

On the data front, initial jobless claims are at 1330 BST, along with the final release of second-quarter gross domestic product data, wholesale inventories and the goods trade balance.

HSBC expects the final reading of Q2 GDP to be revised up a touch to 3.1% from 3.0%. "We look for small upward revisions to inventory accumulation and business fixed investment, offset by a small downward revision to consumer spending," it said.

Market participants will also be eyeing a speech by Kansas City Fed President Esther George at 1445 BST and a speech by Fed Vice Chair Stanley Fischer at 1515 BST.