FOX Business: Capitalism Lives Here
U.S. stock-index futures bounced back from a heavy selloff in the last session as traders parsed through a slew of earnings and economic data.
As of 8:43 a.m. ET, Dow Jones Industrial Average futures climbed 55 points, or 0.35%, to 15753, S&P 500 futures advanced 5.3 points, or 0.3%, to 1777 and Nasdaq 100 futures rose 17 points, or 0.49%, to 3490.
The markets took a beating last session, with the Dow officially entering pullbcack mode and striking the lowest level since November. The drop has been driven by concerns about instability in emerging-market currencies.
Earnings stole the spotlight early on Wall Street. ExxonMobil (XOM) posted weaker-than-expected fourth-quarter results, sending shares of the biggest publicly-traded energy company sliding.
Facebook (FB) posted better-than-expected results after the closing bell on Wednesday, sending its share surging 18%. 3M (MMM), the consumer products giant, revealed profits that meet the Street's view, but revenues that came in shy. UPS (UPS) revealed better-than-expected profits, but a full-year outlook that missed estimates. After the bell, Google (GOOG) and Amazon.com (AMZN) step up to bat.
On the economic front, the Commerce Department said the U.S. economy grew at an annualized rate of 3.2% in the fourth quarter, down from 4.1% from the previous quarter. The reading matched Wall Street’s estimates. Commerce noted the government shutdown in October reduced fourth-quarter GDP by about 0.3 percentage point.
The Labor Department reported the number of Americans filing for first-time unemployment benefits rose last week to 348,000 from an upwardly revised 329,000 the week prior. Wall Street expected the number of claims to rise to 330,000 from an initially-reported 326,000.
Later, at 10:00 a.m. ET, the National Association of Realtors reveals its pending home sales gauge. Economists expect signed contracts to buy previously-owned homes to have held steady in December from the month prior.
In commodities, U.S. crude oil futures rose 33 cents, or 0.35%, to $97.70 a barrel. Wholesale New York Harbor gasoline rose 0.14% to $2.665 a gallon. Gold fell $7.50, or 0.59%, to $1,255 a troy ounce.