|08-28-2014, 03:51 PM||#1|
U.S. GDP revision eyed, Wall Street appears subdued
Investors may be looking for a breather after the latest equity rally, with U.S. stock futures and European markets trading soft. A revised reading on U.S. gross domestic product may alter the tone of the trade on Thursday.
The U.S. government will report a revised estimate of second quarter GDP at 8:30 a.m. ET. The first estimate showed the U.S. economy grew at a 4% annual pace, bouncing back after a harsh winter.
Economists believe that a small downgrade to 3.9% could be seen for now, in the wake of weaker retail sales figures. Some experts are seeing upgrades in net exports and business investment, which may be enough to keep growth steady.
An unexpected or sharp downgrade could lead the U.S. dollar to more losses, as previous downward growth revisions have spurred weakness for the U.S. dollar in the weeks that followed.
However, an upgrade or no revisions could allow the U.S. dollar to hold its gains against major counterparts, as many investors already took on a bullish dollar view in anticipation of a rate increase next year, especially if supported by strong growth figures.
Data on weekly jobless claims will also be released at 8:30 a.m.
-Futures on the Dow Jones Industrial Average fell 0.263% to 17048
-Futures on the S&P 500 index fell 0.275% to 1991.90 , which indicate the index could fall below 2,000 after closing above that level for two straight sessions.
-Futures on the NASDAQ 100 fell 0.221% to 4063.75 . As of 07:12 a.m. ET
Meanwhile, 10-year Treasury yields fell 2.0 basis points to 2.338%. The U.S. dollar Index was barely changed for the day at 82.47.
U.S. stocks closed with mixed results Wednesday. While the S&P 500 barely budged, it closed above 2,000 for the second time ever. The Dow gained 15 points and the Nasdaq edged into the red.
Shares in both Visa and MasterCard were relatively weak ahead of the opening bell. This comes on the same day that an annual report on credit card satisfaction showed American Express and Discover were the favorite cards in the U.S.
Dollar General reported second quarter profit that matched estimates, but on the same time reported lower-than-estimated sales. Shares were up around 0.7% in premarket trading.
Shares in Guess were off by nearly 8.5% in premarket trading after the company said quarterly profits were just half of what they were a year ago.
Australian airline Qantas reported an annual loss of $2.6 billion, but CEO Alan Joyce reassured investors that he expected the company to rebound strongly and post a profit in the first half of fiscal 2015. Qantas shares surged 7%.
Abercrombie & Fitch will release results before the opening bell.
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