Stock Futures Rebound After Steep Drop

By MarketsFOXBusiness

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.

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Today's Markets

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 (NYSE:XOM) posted weaker-than-expected fourth-quarter results, sending shares of the biggest publicly-traded energy company sliding.

Facebook (NASDAQ:FB) posted better-than-expected results after the closing bell on Wednesday, sending its share surging 18%. 3M (NYSE:MMM), the consumer products giant, revealed profits that meet the Street's view, but revenues that came in shy. UPS (NYSE:UPS) revealed better-than-expected profits, but a full-year outlook that missed estimates.  After the bell, Google (NASDAQ:GOOG) and (NASDAQ: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.

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