Market Snapshot: U.S. stock futures hold slight gain after GDP data as investors await Robinhood trading debut

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U.S. stock futures edged higher Thursday, holding gains after a weaker-than-expected reading on second-quarter gross domestic product and other economic data, as investors await the trading debut of online brokerage Robinhood Markets.

What are major indexes doing?
  • Futures on the Dow Jones Industrial Average

    rose 138 points, or 0.4%, to 34,972.

  • S&P 500

    futures rose 6.95 points, or 0.2%, to 4,400.75.

  • Futures on the Nasdaq 100

    were down 21.25 points, or 0.1%, at 14,990.25.

On Wednesday, the Dow

and the S&P 500

closed lower, while strong results from Google owner Alphabet Inc.

carried the Nasdaq Composite


What’s driving the market?

The Commerce Department said U.S. gross domestic product grew at an annualized pace of 6.5% in the second quarter, coming in below forecasts for an expansion of 8.5%. Separately, data from the Labor Department showed first-time applications for unemployment benefits fell 24,000 last week to 400,000.

The second quarter corporate earnings reporting season continues as online retailing giant

reports after the close of trade. Facebook

shares were trading lower in premarket action as the social media giant, like other technology titans, beat second-quarter earnings estimates but also guided to slowing revenue growth in the second half of the year.

Like Facebook, PayPal

also beat estimates but said current quarter sales would miss expectations.

Robinhood Markets

makes its long-awaited debut after pricing its initial public offering at the low end of expectations.

What are other markets doing?

The Hang Seng

rallied 3.3% on reports Chinese authorities tried to placate top foreign institutions about a wave of regulatory actions. China has no intention to decouple from global markets, the Wall Street Journal quoted the vice chairman of the China Securities Regulatory Commission as saying.

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