Jun E-mini S&Ps (ESM17 -0.04%) this morning are down slightly by -0.04% before President Trump unveils the outlines of his tax plans later today. The upside in equities was limited and European stocks slipped -0.30% as energy producing companies declined as the price of Jun WTI crude (CLM17 -0.67%) dropped by -0.48%. Crude prices were undercut after the API late Tuesday reported that U.S. crude stockpiles rose +897,000 bbl last week. Losses in European stocks were contained after the German government raised its 2017 German GDP forecast to 1.5% from a 1.4% estimate in Jan. Trading activity was subdued ahead of central bank meetings by the ECB and BOJ tomorrow. Asian stocks settled higher: Japan +1.10%, Hong Kong +0.50%, China +0.20%, Taiwan +0.15%, Australia +0.69%, Singapore +0.31%, South Korea +0.48%, India +0.63%. Japan’s Nikkei Stock Index climbed to a 1-month high as exporter stocks rallied after USD/JPY jumped to a 2-week high, which improves the earnings prospects of exporters.

The dollar index (DXY00 +0.23%) is up +0.27%. EUR/USD (^EURUSD) is down -0.29%. USD/JPY (^USDJPY) is up +0.08% at a 2-week high.

Jun 10-year T-note prices (ZNM17 unch) are up +1.5 ticks.

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -1.8% with purchase sub-index -3.4% and refi sub-index +0.2%), (2) Treasury auctions $ 15 billion of 2-year floating-rate notes and $ 34 billion of 5-year T-notes, (3) EIA Weekly Petroleum Status Report.

Notable S&P 500 earnings reports today include: Waste Management (consensus $ 0.66), Dr Pepper Snapple (0.96), Rockwell Automation (1.40), Northrop Grumman (2.92), PepsiCo (0.92), United Technologies (1.39), Nasdaq (1.06), Baxter (0.52), Procter & Gamble (0.94), State Street (1.10), Boeing (1.91), General Dynamics (2.32), Amgen (3.01), Public Storage (2.42), PayPal (0.41), Unum (0.99).

U.S. IPO’s scheduled to price today: China Rapid Finance (XRF), Verona Pharma (VRNA).

Equity conferences: Capital Link’s Closed-End Funds & Global ETFs Forum on Thu, Burkenroad Reports l Investment Conference on Fri.

Edwards Lifesciences (EW +0.98%) climbed 9% in pre-market trading after it reported Q1 adjusted EPS of 94 cents, above consensus of 82 cents, and then raised guidance for full-year EPS to $ 3.43-$ 3.55 from a February 1 forecast of $ 3.30-$ 3.45.

U.S. Steel (X -0.29%) plunged 16% in pre-market trading after it reported Q1 adjusted Ebitda of $ 74 million, well below consensus of $ 254.7 million, and then cut guidance on full-year EPS to $ 1.50 from a January 31 estimate of $ 3.08.

Costco Wholesale (COST +0.20%) rose nearly 3% in pre-market trading after it raised its quarterly dividend to 50 cents a share from 45 cents, higher than consensus of 49 cents, and said it will pay a $ 7 a share special dividend May 26 to holders of record May 10.

Capital One Financial (COF +1.06%) fell 4% in after-hours trading after it reported Q1 adjusted EPS of $ 1.75, weaker than consensus of $ 1.92.

Discover Financial Services (DFS +0.55%) slid over 4% in after-hours trading after it reported Q1 revenue net of interest expense $ 2.34 billion, below consensus of $ 2.36 billion.

Juniper Networks (JNPR -1.73%) rose 3% in after-hours trading after it reported Q1 adjusted EPS of 46 cents, better than consensus of 42 cents.

iRobot (IRBT -0.17%) jumped nearly 10% in after-hours trading after it reported Q1 EPS of 58 cents, stronger than consensus of 31 cents, and then said it sees full-year EPS of $ 1.45-$ 1.70, higher than consensus of $ 1.54.

CH Robinson Worldwide (CHRW +0.14%) lost 1% in after-hours trading after it said lower revenue at truckload and intermodal services reflects weak pricing.

Neurocrine Biosciences (NBIX +3.55%) slid 4% in after-hours trading after it announced its intention to offer $ 450 million of convertible senior notes due 2024.

Crown Castle International (CCI -0.46%) lost 1% in after-hours trading after it announced that it has commenced an offering of 4.75 million shares of its common stock in a registered public offering.

Medical Properties Trust (MPW +0.22%) fell 3% in after-hours trading after it announced that it has commenced an offering to sell 37.5 million shares of its common stock in an underwritten public offering.

Flexion Therapeutics (FLXN -0.95%) tumbled 12% in after-hours trading after it announced its intention to offer $ 125 million of convertible senior notes due 2024.

Aratana Therapeutics (PETX -1.15%) jumped nearly 7% in after-hours trading after it reached agreement with the FDA’s Center for Vetinary Medicine regarding resubmission for Entyce which may be commercially available by fall of 2017 if submission is approved.

Zix Corp (ZIXI -2.62%) rallied 10% in after-hours trading after it boosted its fiscal 2017 revenue view to $ 66.2 million-$ 66.7 million from a February estimate of $ 64.5 million-$ 666.0 million.

Amtech Systems (ASYS -0.90%) surged 30% in after-hours trading after it received a follow-on order for the second phase of a IGW solar project in China.

Jun E-mini S&Ps (ESM17 -0.04%) this morning are down -1.00 point (-0.04%). Tuesday’s closes: S&P 500 +0.61%, Dow Jones +1.125%, Nasdaq +0.73%. The S&P 500 on Tuesday climbed to a 1-3/4 month high and closed higher on optimism ahead of President Trump’s release of his tax reform plan and on the unexpected +5.8% increase in U.S. Mar new home sales to an 8-month high of 621,000, stronger than expectations of -1.4% to 584,000. There were also stronger-than-expected earnings results from Caterpillar which rose +7.86% and McDonald’s which climbed +5.57%.

Jun 10-year T-notes (ZNM17 unch) this morning are up +1.5 ticks. Tuesday’s closes: TYM7 -12.50, FVM7 -7.25. Jun 10-year T-notes on Tuesday closed lower on negative carry-over from a slide in German bund prices to a 3-1/2 week low and the unexpected increase in U.S. Mar new home sales to an 8-month high. T-notes were also undercut by the rally in the S&P 500 to a 1-3/4 month high.

The dollar index (DXY00 +0.23%) this morning is up +0.269 (+0.27%). EUR/USD (^EURUSD) is down -0.0032 (-0.29%) and USD/JPY (^USDJPY) is up +0.09 (+0.08%) at a 2-week high. Tuesday’s closes: Dollar index -0.307 (-0.31%), EUR/USD +0.0058 (+0.53%), USD/JPY +1.32 (+1.20%). The dollar index on Tuesday dropped to a fresh 5-1/2 month low and closed lower on the weaker-than-expected U.S. Apr consumer confidence report. There was also strength in EUR/USD, which rose to a 5-1/2 month high, on talk that a favorable outcome of the French election might spur faster ECB exit from QE.

Jun WTI crude oil prices (CLM17 -0.67%) this morning are down -24 cents (-0.48%) and Jun gasoline (RBM17 -1.43%) is -0.0206 (-1.27%). Tuesday’s closes: Jun crude +0.33 (+0.67%), Jun gasoline +0.0003 (+0.02%). Jun crude oil and gasoline on Tuesday rebounded from 4-week lows and closed higher. Crude oil prices were boosted by the fall in the dollar index to a 5-1/2 month low and by expectations for Wednesday’s EIA crude inventories to fall -1.75 million bbl. Crude oil prices were undercut by comments from Russian energy minister Novak who said that Russia will wait until OPEC’s meeting next month before it decides on if it will extend its crude production cuts.