US futures point to a lower open after Trump announces tax plans

U.S. stock index futures pointed to a marginally lower open on Thursday morning, after U.S. President Donald Trump unveiled a massive overhaul to the tax system.

Trump announced the biggest tax reform for the U.S. in thirty years on Wednesday, proposing tax cuts for most citizens. However, the plan received some criticism for favoring the wealthier and raised doubts over its impact on the country's deficit. U.S. bond yields jumped on the news and the dollar rose too though the latter lost some gains in late morning European trading.

The final read on U.S. second-quarter gross domestic product showed a 3.1 percent increase. Weekly jobless claims rose slightly to 272,000.

In the corporate world, Vail Resorts is set to release its latest earnings figures before the bell and KB Home will report after the bell.

In Europe, markets were mixed on Trump's plans and monetary-policy comments. European Central Bank Chief Economist Peter Praet told a conference in Berlin that the ECB will not discuss an exit from stimulus but a policy recalibration.

In oil markets, prices were slightly higher on growing tensions in Iraq. Brent crude traded at around $58.40 a barrel on Thursday morning, up 0.8 percent, while U.S. crude was being sold at $52.74 a barrel, up by more than 1 percent.