Wall Street set for a higher open as investors digest tax plan developments

  • On Wednesday, the House voted to approve a sweeping overhaul of the nation's tax code
Traders work on the floor of the New York Stock Exchange (NYSE) ahead of the closing bell, November 30, 2017 in New York City.
Drew Angerer | Getty Images News | Getty Images
Traders work on the floor of the New York Stock Exchange (NYSE) ahead of the closing bell, November 30, 2017 in New York City.

U.S. stock index futures pointed to a higher open on Thursday, after a major bill was approved by Congress.

Dow Jones industrial average futures rose 45 points, while S&P 500 and Nasdaq 100 futures gained 5.5 points and 6.25 points, respectively.

On Wednesday, a major hurdle surrounding overhauling the U.S. tax code was conquered after House Republicans voted to approve tax reform, consequently meaning that the legislation can be sent to President Donald Trump's desk by Christmas.

This comes after Republicans had to fix the bill on Tuesday afternoon, due to violations concerning the Byrd rule.

The overhaul is expected to become law for 2018, with the bill set to cut corporation tax rates while temporarily trimming the tax burden for the majority of people.

Even though the legislation was passed by a 224-201 margin in favor, U.S. stocks were fairly muted by the close on Wednesday — a move which was reflected by futures and international markets on Thursday morning.

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On the data front, the final reading on third-quarter GDP showed a gain of 3.2 percent. Weekly jobless claims totaled 245,000, above the expected 231,000.

This economic batch will be then followed by the Federal Housing Finance Agency house price index, due out 9 a.m. ET.

In earnings, Nike is set to report its latest figures after the close. Accenture reported quarterly earnings that beat expectations earlier on Thursday. CarMax also posted quarterly earnings.

—CNBC's Jacob Pramuk contributed to this report