Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

US STOCKS-Futures rise with GDP numbers on tap

Published 10/29/2009, 07:20 AM
Updated 10/29/2009, 07:24 AM

* GDP, jobless claims reports on tap

* Earnings reports include Exxon Mobil, Kellogg

* Futures up: S&P 5.4 pts, Dow 32 pts, Nasdaq 5.5 pts

NEW YORK, Oct 29 (Reuters) - U.S. stock index futures rose on Thursday ahead of data expected to show the economy grew in the third quarter, while jobless numbers and a round of corporate earnings were also on tap.

* Futures were also boosted after big consumer products maker Procter & Gamble Co reported quarterly profits and sales that beat estimates.

* The government will release its first estimate of third-quarter gross domestic product at 8:30 a.m. EDT. GDP, a gauge of all goods and services produced within U.S. borders, is expected to have grown at an annual rate of 3.3 percent in the quarter, according to 77 analysts polled by Reuters.

* On Wednesday, Goldman Sachs cut its GDP forecast to 2.7 percent from 3.0 percent.

* Investors will also take in weekly initial jobless claims at 8:30 a.m. The earnings calendar includes results from Exxon Mobil Corp and Kellogg Co.

* Overseas oil majors Royal Dutch Shell Plc and Eni SpA warned of a slow recovery on weak energy demand and operational challenges, as their profits slumped. Shell will cut 5,000 jobs to tackle the tough economic environment.

* After the bell on Wednesday, shares of software maker Symantec Corp rose 6.7 percent after its profit beat estimates on growth in its consumer anti-virus business.

* Health insurer Aetna Inc reported higher net income Thursday morning, but projected that full-year profit would come in at the low end of its previous view.

* S&P 500 futures rose 5.4 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 32 points, while Nasdaq futures added 5.5 points.

* Stocks sold off broadly on Wednesday, sending the benchmark S&P 500 lower for a fourth straight day after weak data on new home sales.

* As of Wednesday's close, it has dropped 5.04 percent from its post-March closing peak reached on Oct. 19. The broad index wiped out its gains for October and is now on the verge of snapping a string of seven months of gains.

* To date, the S&P 500 has jumped 54.1 percent from a 12-year closing low on March 9.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.