{"id":404223,"date":"2011-04-28T11:29:52","date_gmt":"2011-04-28T11:29:52","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/28\/stocks-investors-waiting-for-gdp\/"},"modified":"2011-04-28T11:29:52","modified_gmt":"2011-04-28T11:29:52","slug":"stocks-investors-waiting-for-gdp","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/28\/stocks-investors-waiting-for-gdp\/","title":{"rendered":"Stocks: Investors waiting for GDP"},"content":{"rendered":"
\n

\"premarkets,<\/a>Click chart for more premarket data.<\/strong><\/span> By CNNMoney.com staff<\/span>April 28, 2011: 7:29 AM ET<\/span><\/p>\n

NEW YORK\u00a0(CNNMoney) — U.S. stock futures were flat ahead of two key economic reports due before Thursday’s opening bell.<\/p>\n

Dow Jones industrial average (INDU<\/a>), S&P 500 (SPX<\/a>) and Nasdaq (COMP<\/a>) futures were mixed but close to the breakeven line. Futures measure current index values against perceived future performance.<\/p>\n

“We’ve had a few days of rallies; yesterday was the third rally in a row,” said Mark Luschini, chief investment strategist for Janney Montgomery Scott. “It’s largely been reflective of the good news that has been coming out of the earnings season.”<\/p>\n

Investors sent all three indexes to fresh multi-year highs<\/a> Wednesday after Fed chief Ben Bernanke’s first press conference.<\/p>\n

The gains were modest and going forward, equities could be at risk of losing momentum, said Joel Kruger, currency strategist at FXCM.<\/p>\n

“We’ve seen a number of days of some pretty consistent equity buying,” he said. But he added the multi-day rally “could be drifting away from fundamentals.”<\/p>\n

Economy:<\/strong><\/a> On Thursday, the Department of Commerce releases its report on first-quarter gross domestic product. Economists surveyed by CNNMoney expect the economy expanded at an annual rate of 2% during the first quarter.<\/p>\n

Bernanke said Wednesday that he anticipated the GDP would come in just under that figure.<\/p>\n

Weekly initial jobless claims data is due as well. Economists surveyed by Briefing.com expect them to fall back to 390,000 in the latest week, after hovering above the key 400,000 level for two consecutive weeks.<\/p>\n

Later in the morning, a report from the National Association of Realtors is expected to show a 1.7% rise in pending home sales for the month of March.<\/p>\n

Companies<\/strong><\/a>: Before the start of trading, Exelon Corp., (EXC<\/a>, Fortune 500<\/a>) an electric utility, announced a merger with Constellation Energy (CEG<\/a>, Fortune 500<\/a>), a supplier of natural gas and other energy products. The deal is worth $7.9 billion.<\/p>\n

Constellation’s stock rose 7% in premarket trading.<\/p>\n

Exxon Mobil (XOM<\/a>, Fortune 500<\/a>) is expected to deliver a $10 billion quarterly profit, up 60% from a year earlier, on revenue of $115 million according to analysts polled by Thomson Reuters.<\/p>\n

PepsiCo (PEP<\/a>, Fortune 500<\/a>), Procter & Gamble (PG<\/a>, Fortune 500<\/a>), and Sprint Nextel (S<\/a>, Fortune 500<\/a>) all reported quarterly results before the market open.<\/p>\n

After the closing bell, analysts expect Microsoft to post a quarterly profit of $4.8 billion, up 20% from a year earlier, on sales of $16.2 billion.<\/p>\n

World markets:<\/strong><\/a> European stocks rose in morning trading. Britain’s FTSE 100 was flat, the DAX in Germany added 0.4% and France’s CAC 40 advanced 0.5%.<\/p>\n

Asian markets ended mixed. Japan’s Nikkei index rallied 1.6%, but the Shanghai Composite dropped 1.3% and the Hang Seng in Hong Kong edged down 0.4%.<\/p>\n

Currencies<\/strong><\/a> and commodities:<\/a><\/strong> The dollar fell against the euro, the Japanese yen and the British pound.<\/p>\n

Oil for June delivery was unchanged at $112.76 a barrel.<\/p>\n

Gold futures for June delivery rose $13.90 to $1,531 an ounce.<\/p>\n

Bonds<\/strong><\/a>:<\/strong> The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 3.34% from 3.37% late Wednesday. \u00a0\"To<\/a><\/p>\n

First Published: April 28, 2011: 5:38 AM ET<\/p>\n<\/div>\n

<\/p>\n

Read more from the original source:
\nStocks: Investors waiting for GDP<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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