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US STOCKS-Futures little changed ahead of first-qtr GDP data
April 28, 2017 / 11:30 AM / 5 months ago

US STOCKS-Futures little changed ahead of first-qtr GDP data

* Futures up: Dow 1 pt, S&P 1.75 pts, Nasdaq 3.25 pts

By Tanya Agrawal

April 28 (Reuters) - U.S. stock index futures were little changed on Friday as investors awaited the first-quarter report on gross domestic product, while assessing quarterly earnings.

* The Nasdaq Composite is on track to post gains for the sixth straight month, after closing at a record high on Thursday, following stellar earnings from tech heavyweights.

* Amazon rose 3.4 percent at $949.50 in premarket trading, while Google’s parent Alphabet gained 4.2 percent to $929.05 after their quarterly results beat estimates.

* The S&P and the Dow were also on track to end the month higher as the first-quarter corporate earnings season continued to impress.

* Overall profits of S&P 500 companies are estimated to have risen 12.4 percent in the first quarter, the most since 2011, according to Thomson Reuters I/B/E/S.

* U.S. businesses would mostly benefit if Trump’s plan to cut corporate tax rates and slash taxes on cash parked overseas becomes law. But the economic benefits and the timing of a possible bill remain in question.

* Data is expected to show that U.S. economic growth slowed in the first quarter. Gross domestic product is expected to have dropped to 1.2 percent from 2.1 percent in the previous quarter. The data is expected at 8:30 a.m. ET (1230 GMT).

* University of Michigan’s consumer sentiment data for April is expected at 10 a.m. ET and will likely remain unchanged at 98.0 from a month ago.

* Oil prices rebounded after dropping to a one-month low the previous day, prompting investors to buy at cheaper levels ahead of a May OPEC meeting at which producers could extend output cuts.

* Starbucks fell 4.6 percent to $58.45 after the world’s biggest coffee chain cut its full-year profit target.

* Intel was down 3.8 percent at $36 after reporting lower-than-expected quarterly revenue.

Futures snapshot at 7:03 a.m. ET:

* Dow e-minis were up 1 points, or 0 percent, with 13,937 contracts changing hands.

* S&P 500 e-minis were up 1.75 points, or 0.07 percent, with 72,366 contracts traded.

* Nasdaq 100 e-minis were up 3.25 points, or 0.06 percent, on volume of 17,012 contracts. (Reporting by Tanya Agrawal; Editing by Anil D‘Silva)

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