RTTNews - Following a strong outing in the previous session, stocks are poised to open Friday's session modestly lower as the advance reading on gross domestic product for the second quarter deflated early optimism. The major index futures are all in negative territory, with the Dow futures down by 12 points.
The U.S. Commerce Department revealed that Gross Domestic Product, a closely-watched measure of broad economic performance fell at a pace of 1 percent for the second quarter.
Economists had expected GDP to fall at a 1.5 percent pace, following a 6.4-percent contraction in the first quarter.
Despite the narrower than expected decline, the report indicated much lower consumption and higher savings rates among consumers, generating some concern in the broader markets.
On the earnings front, Chevron (CVX) reported net income of $0.87 per share for the second quarter compared to $2.90 per share in the second quarter last year. The results came in short of Wall Street expectations of $0.95 per share, as revenues plunged by 71 percent.
Walt Disney (DIS) reported adjusted third quarter income of $0.52 per share, compared to $0.62 per share in the prior year quarter. Revenues for the third quarter fell by 7 percent to $8.60 billion from $9.24 billion posted in the same period last year. Wall Street analysts expected the company to earn $0.51 per share on revenues of $8.83 billion for the third quarter.
Monster Worldwide (MWW) announced an adjusted second-quarter net income of $0.03 per share, compared to net income of $0.40 per share in the prior year quarter. The firm beat analyst forecasts of earnings of $0.01 per share for the quarter. The firm said its adjusted revenues were $224 million falling short of the $225 million estimated by analysts.
Stocks posted strong gains on Thursday, fueled by stabilizing earnings and employment figures, while respectable results for a seven-year note auction also boosted equities. The Dow finished up by 84 points at 9,154, the Nasdaq advanced by 17 points to 1,984 and the S&P 500 rose by 12 points to 987.
Crude oil futures are sliding in early commodities trading, falling by $0.22 to $66.72 a barrel after rising by a notable margin in the previous session. The price of gold is also moving lower, dipping by $1.10 to $933.80 an ounce.
On the currency front, the U.S. dollar is mixed against the major European currencies, sliding to $1.4117 against the euro, while rising to $1.6494 versus the pound. Meanwhile, the buck is modestly lower against the yen, now valued at 95.40 yen.
In overseas trading, stock markets across the Asia-Pacific region finished largely on the upside on Friday, with Hong Kong's Hang Seng Index and Japan's benchmark Nikkei 225 Index posting gains of 1.7 percent and 1.9 percent, respectively.
The major European markets are moving lower, with the French CAC 40 Index and the German DAX Index down by 0.5 percent and 0.7 percent, respectively, while the U.K.'s FTSE 100 Index is declining by of 0.3 percent.
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