US Futures Mixed as Economy Shrinks in Q1; Jobless Claims Drop More Than Expected

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U.S. stock futures were mixed, hovering around unchanged, as the U.S. GDP shrank in Q1 and as jobless claims fell more than economists had expected. The Dow Jones Industrial Average and the S&P 500 were slightly higher while the Nasdaq 100 was slightly lower.

Real GDP for Q1 was revised to a 1.0% decline compared to the consensus for a 0.5% decline and compared to a 0.1% increase in the prior quarter. Also out at this morning were the weekly jobless claims which fell 27,000 to 300,000 compared to the 317,000 consensus.

Later this morning, at 10:00 the pending home sales index is expected to have risen 1% in April from March.

In equities, Sprint ( S ) rose 3% in recent pre-market trade after chairman Masayoshi Son told the Wall Street Journal that U.S. regulators should allow the company to buy T-Mobile US ( TMUS ), up 1.5%. Abercrombie & Fitch ( ANF ) was another gainer, up 7.0% after reporting a smaller-than-expected adjusted loss while the provider of network security, Palo Alto Networks ( PANW ) jumped 12.5% amid better-than-expected fiscal Q3 results and as Oppenheimer upgraded the stock to outperform from market perform.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: S , TMUS , ANF , PANW

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