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NEW YORK ( TheStreet) -- U.S. stock futures were paring losses Friday as investors cheered a better-than-expected read on domestic economic growth.
Futures for the
Dow Jones Industrial Average were falling 24 points, or 4.68 points below fair value, at 13,032. Futures for the
S&P 500 were falling less than 1 point, or 0.22 points below fair value, at 1407. Futures for the
Nasdaq were up more than 3 points, or 1.14 points above fair value, at 2651.
The Bureau of Economic Analysis said Friday that its advanced estimate on U.S. gross domestic product showed growth of 2% in the third quarter, above economists' average expectation of 1.9%, and versus growth of 1.3% in the second quarter.
"The advance third-quarter reading of GDP confirmed the impact on the health of the world's largest economy from a slowdown in global demand, but improved upon a lackluster second quarter," said Andrew Wilkinson, chief economic strategist at Miller Tabak.
At 9:55 a.m. the final read on the University of Michigan Consumer Sentiment Index for October is expected to come in at 83 compared with the previous estimate of 83.1.
Amazon.com(AMZN - Get Report) shares were rebounding in premarket trading, up 2.5%, after plunging into the red when the company came
up short on both the top and bottom line in its latest quarter despite a year-over-year sales increase of nearly 30%.
Apple(AAPL - Get Report) shares were also ticking higher after initially slipping on its delivery Thursday of a
below-consensus quarterly profit but topped Wall Street's revenue expectations.
The European markets were paring losses as well, with the FTSE in London falling 0.25% and the DAX in Germany up 0.20%.
The Nikkei Average in Tokyo closed down 1.35% on Friday. Hong Kong's Hang Seng Index finished down 1.21%.
December crude oil futures were falling 84 cents at $85.21 a barrel. December gold futures were off $8.30 at $1,704.70 an ounce.
The benchmark 10-year Treasury was gaining 16/32, lowering the yield to 1.773%. The dollar was up 0.18%, according to the
Merck(MRK) reported third-quarter earnings of 95 cents a share on revenue of $11.5 billion, versus the average analyst estimate of 92 cents a share on revenue of $11.57 billion as overhead spending cuts helped offset weaker sales impacted by generic competition for its Singulair drug.
Shares were off 0.65%.
Comcast(CMCSA) posted third-quarter earnings that were in line with expectations and sales that exceeded forecasts as the company booked $1.2 billion of revenue generated by the 2012 London Olympics.
Shares were up 1.9%.
In other corporate news,
Dean Foods(DF) Morningstar business has attracted takeover interest from
Michael Foods and Mexican dairy company
Grupo Lala, people familiar with the matter told
Reuters, in a deal that could be valued in the $1 billion to $1.5 billion range.
Shares were trading sideways.
Wal-Mart(WMT) said Friday it plans to open 100 stores in the next three years in China and add 18,000 jobs.
The pace of store openings is a slowdown from earlier growth rates for Wal-Mart in the competitive Chinese retail sector.