Investing.com - U.S. stock futures pointed to a steady open on Thursday, as investors looked ahead to second quarter U.S. growth data later in the session amid speculation the Federal Reserve will start hiking interest rates as early as September.
During early morning hours in New York, the blue-chip Dow futures inched up 2 points, or 0.02%, the S&P 500 futures shed 1 point, or 0.02%, while the tech-heavy Nasdaq 100 futures advanced 7 points, or 0.16%.
All eyes on Wall Street will be on the release of preliminary second quarter growth figures due at 8:30AM ET.
Market analysts expect the data to show that the economy rebounded 2.6% in the three months ended June 30, following a 0.2% contraction in the first quarter, as an improvement in consumer spending and housing offset the drag from trade and the energy sector.
Also at 8:30AM, the U.S. is to release weekly data on initial jobless claims. The data is expected to show that claims rose to 270,000 last week from 255,000 in the preceding week, which was a 40-year low.
The Federal Reserve sounded more upbeat about the economy following its policy meeting, leaving the door open for an interest-rate hike as soon as September.
In its rate statement published Wednesday, the Fed described the economy as expanding "moderately," while upgrading its view of the labor and housing markets.
The central bank gave no clear indication of the timing of the next rate hike, but left itself room to act as early as September, citing "solid" gains in the job market and "additional" improvement in the housing sector.
In earnings news, Facebook (NASDAQ:FB) lost 2% in heavy volume during pre-market trade after reporting a sharp rise in expenses late Wednesday, despite topping earnings and revenue expectations for the quarter.
Whole Foods Market (NASDAQ:WFM) plummeted 15% after the organic-food supermarket chain posted weaker than expected quarterly earnings and issued soft guidance after Wednesday's closing bell.
On the upside, U.S.-listed shares of Finnish telecom-equipment company Nokia (NYSE:NOK) jumped 7.5% after reporting a larger than expected increase in second quarter profit and revenue.
Royal Dutch Shell (NYSE:RDSa) shares rallied 4.1%, after the company announced plans to cut 6,500 jobs.
Meanwhile, Cigna (NYSE:CI) shares rose 2% after the health insurer reported a 2.6% increase in quarterly profit as it added more members in its commercial and government businesses.
Procter & Gamble (NYSE:PG), Time Warner Cable (NYSE:TWC), ConocoPhillips (NYSE:COP), Colgate-Palmolive (NYSE:CL) and Valero Energy (NYSE:VLO) are due to report quarterly earnings ahead of Thursday's opening bell.
After Thursday’s close of trading, LinkedIn (NYSE:LNKD), Electronic Arts (NASDAQ:EA) and Amgen (NASDAQ:AMGN) are scheduled to report.
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