Stock futures were modestly positive on a snowy Friday morning ahead of a wave of economic data, including the second reading on the nation’s fourth-quarter gross domestic product. As of 6:45 a.m. in New York, the Dow Jones Industrial Average future gained 26 points, or 0.25%, to 10342, the S&P 500 futures were up 2.9 points to 1105.20 and the Nasdaq 100 futures gained 3 points to 1816.50. Investors will get the Commerce Department’s GDP report at 8:30 a.m. today, which economists expect the report will show the U.S. economy grew at a 5.7% annualized pace during the last three months of the year. The 5.7% growth is same pace that was reported in last month’s GDP report.
Last month’s GDP report showed the economy was helped greatly by business inventory adjustments, which gave investors pause about how well the U.S. economy was improving. Wall Street will be looking to see if consumer spending, which makes the largest percent of the nation’s economy, picked up more than originally reported. Other economic reports out this morning include the Chicago Purchasing Managers index at 8:30 a.m.. the University of Michigan consumer sentiment report at 9:55 a.m. and the National Association of Realtors existing home sales report.Economists expect that consumer sentiment rose slightly to a reading of 73.9 in February while existing home sales increase to a 5.5 million unit pace in January.
A modest decline in the U.S. dollar helped commodities rise overnight, with oil up 0.3% to $78.42 a barrel and gold up 0.25% to $1,111.20 a troy ounce. Also on the agenda today is the earnings results from government-owned insurer American International Group (AIG). While few analysts cover the company anymore, Wall Street expects AIG to report a loss of $3.94 a share last quarter excluding special items. On Thursday, the Dow fell 53.13 points, or 0.51%, to 10321.03, the Standard & Poor’s 500 sank 2.30 points, or 0.21%, to 1102.94 and the Nasdaq Composite lost 1.68 points, or 0.08%, to 2234.22. The FOX 50 slid 3.30 points, or 0.41%, to 797.41.
