Stock futures continue to indicate a markedly lower start (S&P futures -9.0, Nasdaq futures -14.8). Oil prices have erased their early losses and now trade with a slight gain. Exxon Mobil missed the consensus earnings per share forecast of $2.52 per share, generating just $2.27 per share during the second quarter.
The preliminary reading for second quarter GDP indicates the economy
grew at an annualized rate of 1.9%, which is below the widely expected
second quarter growth rate of 2.3%, but up from the downwardly revised
0.9% growth rate registered in the first quarter. Separately, initial
jobless claims for the week ending July 26 totaled 448,000, which is
above the 393,000 that was widely expected. The prior week's claims
were revised slighly downward to 404,000.
Stocks are on track for a positive start following better-than-expected quarterly earnings per share results from Disney, Express Scripts, Visa, Murphy Oil, Aetna, Tyco, Altria and CBS Corp.