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Jul 27, 2018

bumper earnings, GDP data in focus I CNBC at Open

cnbc.com

bumper earnings, GDP data in focus

Alexandra Gibbs


U.S. stock index futures ticked higher ahead of Friday's open, as investors geared up for fresh gross domestic product (GDP) figures.
Around 7 a.m. ET, Dow Jones Industrial Average futures rose 22 points, indicating a positive open of 43.93 points, while Nasdaq 100 and S&P 500 futures also pointed to a relatively upbeat start to their respective sessions.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, January 31, 2018. Brendan McDermid | Reuters
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, January 31, 2018.
Coming up on Friday, the advance GDP reading for the second quarter is due out at 8:30 a.m. ET, which should offer investors some indication as to how the U.S. economy has been performing.
Prior to the publication, White House economic advisor Larry Kudlow said in an interview with Fox Business Network that he expected the figure would be "very good."
"You're going to get a very good economic growth number tomorrow. Big," Kudlow said.
Meanwhile, President Donald Trump stated during a speech at an Illinois-based steel facility yesterday, that he would be satisfied with economic growth of about 4 percent or above.
Aside from the GDP data, consumer sentiment for July is due out at 10 a.m. ET.
This week has been jam-packed with earnings, and it doesn't show signs of letting up on Friday, with a whole host of businesses reporting prior to the opening bell.
Out of the slew due to report, AbbVie, Chevron, Colgate-Palmolive, Exxon Mobil, Merck, Phillips 66. Twitter reported earnings per share that matched expectations, but the stock fell as much as 18 percent as it also posted a decline in monthly active users.
Market watchers will also be keeping a close eye on the shares of companies who reported after the closing bell Thursday, which included the likes of Amazon, Intel, Starbucks and Chipotle Mexican Grill.
Elsewhere, concerns surrounding trade will remain in focus, as investors wonder what's next for relations between the U.S. and major economies. While tensions between the States and China remain strained, earlier this week Trump announced that the U.S. and the European Union would begin collaborating to lower tariffs, in order to avoid a potential trade war.
—CNBC's Jeff Cox and Jacob Pramuk contributed to this report