US stocks muted as investors await Trump’s tax announcement

Following two consecutive days of strong gains, the US equity markets took a breather and witnessed a muted opening as investors keenly await for an announcement on the US President Donald Trump's tax reforms.

During opening hour of trade, the Dow Jones Industrial Average added around 10-points and move back above the 21,000 milestone. Meanwhile, the broader S&P 500 Index and tech-heavy Nasdaq Composite Index were nearly unchanged at 2,388 and 6,025, respectively.

The Trump administration will reveal details of a "massive tax cut" plans later during the day and this could very well influence investors’ expectations over Trump's ability to deliver on pro-growth economic policies, albeit the plan would still need to pass by the Congress 

Against the backdrop of a miserable failure on the healthcare bill, inability to get enough support would be a yet another disappointment and might eventually result into a heavy sell-off in the equity market.