Stock futures advanced slightly this morning as global markets
brace for a heated budget battle in Congress and US GDP came in
lower than expected.
After five consecutive days of losses, stock futures are higher
this morning. Before the opening bell,
(INDEXDJX:.DJI) futures were up 0.16% at 15,235. After its longest
losing streak this year, futures on the
(INDEXSP:.INX) rose 0.18% to 1,688.90.
(INDEXNASDAQ:.IXIC) futures rose 0.43% to 3,213.75.
Initial jobless claims were fewer than expected last week. The
total level of claims fell by 5,000 to 305,000. The final revision
of second quarter GDP was unchanged from the previous one at 2.5%
annual growth. Economists predicted that it would be revised up to
Later today, the National Association of Realtors' pending home
sales index is expected to show a 1% decline in pending sales in
) shares hit a 13-year low yesterday after
) analysts raised questions about the retailer's liquidity. The
stock fell 14.96% yesterday and shares continued to tumble 7.5% in
the pre-market on Thursday. Goldman also said that third and fourth
quarter sales will show a slower-than-expected improvement and
warned of "a poor holiday season that the company can ill afford."
The company is reportedly looking to raise up to $1 billion by
selling new shares.
Bed Bath & Beyond
) shares jumped 5.9% in the pre-market after reporting
better-than-expected second quarter results. The company raised its
full-year sales and earnings expectations. The retailer has
benefited from a
Caesars Entertainment Corp
) fell 5.6% after the casino operator announced that it will sell
10 million new shares. The company has $23.5 billion in debt.
Hertz Global Holdings
) shares plunged 11% in the pre-market after the company cut its
full-year profit and revenue forecast on lower volume of car
Fears of a US government shutdown persist as Congress remains at an
impasse over a stopgap measure that would only keep the government
funded through mid-December. Macroeconomic Advisors
that if a two-week shutdown happens in October, it will result in a
0.3 percentage point reduction in fourth quarter GDP. Treasury
Secretary Jack Lew said yesterday that emergency funding measures
to keep the government paying its obligations after hitting the
statutory debt ceiling will run out on Oct. 17.