Stock futures choppy ahead of GDP report
Stocks are looking to rebound after a weak report on consumer confidence led to a broad decline for the major indexes
LPL Financial chief equity strategist Quincy Krosby on the importance of earning reports amid a bear market.
U.S. equity futures were trading choppy ahead of the release of a key economic reading.
The major futures indexes suggest a slight decline when the opening bell rings.
Stocks fell on Tuesday in a broad decline after the release of a weaker-than-expected U.S. consumer confidence report indicated worsening consumer expectations due to persistently high inflation.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York. (REUTERS/Brendan McDermid)
On Wednesday morning, the final revision of first-quarter gross domestic product is expected to confirm a larger contraction of the U.S. economy than earlier readings. The Refinitiv forecast is for a seasonally adjusted annualized contraction of 1.5%. That’s unchanged from the preliminary estimate last month, but a big reversal from the 6.9% pace of growth in the fourth quarter.
GDP UPDATE TO GIVE FRESH RECESSION CLUES AMID SOARING INFLATION
The final revision of first-quarter gross domestic product due out Wednesday is expected to confirm a larger contraction of the U.S. economy. (AP / AP Newsroom)
Earnings reports are expected from Barnes & Noble Education, Bed Bath & Beyond, General Mills, McCormick & Co, Paychex and Schnitzer Steel.
Bitcoin traded around $20,000 following a two-day decline.
In Asia, Tokyo's Nikkei 225 index lost 0.9%, the Hang Seng in Hong Kong declined 1.2% and China's Shanghai Composite index sank 1.4%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44736.57 | +440.06 | +0.99% |
| SP500 | S&P 500 | 5987.37 | +18.03 | +0.30% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19054.835014 | +51.18 | +0.27% |
On Tuesday, the S&P 500 ended 2% lower at 3,821.55, while the Dow dropped 1.6% to 30,946.99. The tech-heavy Nasdaq slid 3% to 11,181.54.
S&P 500 HEADS TO WORST FIRST HALF SINCE 1970S
Energy stocks made solid gains as U.S. crude oil prices rose 2%.
Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery. (REUTERS/Bing Guan / Reuters Photos)
Wednesday morning, U.S. crude oil slipped to $111 per barrel in electronic trading on the New York Mercantile Exchange.
Brent crude traded at $117 per barrel.
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The yield on the 10-year Treasury note, which helps set mortgage rates, slipped to 3.15% from 3.19%.
The Associated Press contributed to this report.