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

This post was originally published on this site

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
    YM00,
    +0.39%

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

  • S&P 500
    ES00,
    +0.16%

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

  • Futures on the Nasdaq 100
    NQ00,
    -0.13%

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

On Wednesday, the Dow
DJIA,
-0.36%

and the S&P 500
SPX,
-0.02%

closed lower, while strong results from Google owner Alphabet Inc.
GOOGL,
+3.18%

carried the Nasdaq Composite
COMP,
+0.70%

higher.

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 Amazon.com
AMZN,
+0.11%

reports after the close of trade. Facebook
FB,
+1.49%

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
PYPL,
+0.50%

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

Robinhood Markets
HOOD,

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
HSI,
+3.30%

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.

Add Comment