Futures still point to lower open after Q2 GDP growth estimate edged up
2016-09-29 08:43:42
Stock index futures are still pointing toward a lower open for the broader market after the morning's early economic report. The estimate of Q2 GDP growth was raised to 1.4% in the final reading, which is up from the prior 1.1% growth estimate and above the 1.3% growth that was forecast. The advance goods trade balance had a deficit of $58.4B in August, which was better than the $62.2B deficit expected. Wholesale inventories declined 0.1% in August, versus expectations for them to be flat. There were 254,000 initial jobless claims last week, versus the forecast or 260,000 first-time claims. Following the early data, Dow futures are 37 points below fair value, Nasdaq futures are 10 points below fair value and S&P futures are 5 points below fair value.