Futures Slide on GDP, Caution Ahead of Bernanke - TheStreet

NEW YORK (

TheStreet

) -- U.S. stock futures were pointing to a lower open Friday as investors awaited a speech from

Federal Reserve

Chairman Ben Bernanke and absorbed a revision to second-quarter gross domestic product.

Futures for the

Dow Jones Industrial Average

were down by 73 points, or 72 points below fair value at 11,058. Futures for the

S&P 500

were lower by 9 points, or 9 points below fair value, at 1149, and

Nasdaq

futures were falling by 13 points, or 10 points below fair value.

Stocks fell Thursday after German markets came under pressure and investors feared that the Fed may not have much left in its toolbox to strengthen the economy.

The FTSE in London was shedding 0.6% and the DAX in Frankfurt was dropping 1.8%. Hong Kong's Hang Seng slumped 0.9% while Japan's Nikkei added 0.3%.

Although the market got a final read on second-quarter economic growth and will get a final estimate on August consumer sentiment, Friday's main event is Fed Chairman Ben Bernanke's speech at the Kansas City Fed conference in Jackson Hole, Wyo., at 10 a.m. EDT. It was during the same conference a year ago that Bernanke first proposed a second round of quantitative easing to bolster the economy.

Stocks got a boost early in the week on

speculation that the Fed chairman will present some type of supportive action for the economy during the speech, but those expectations have been called into question recently.

The Bureau of Economic Analysis downwardly revised its final estimate on second-quarter growth to 1%, which was slightly weaker than the growth of 1.1% that economists had been expecting, and down from an initial estimate of 1.3%. In the first quarter, U.S. gross domestic product grew by 0.4%.

The University of Michigan will issue its final reading on August consumer sentiment at 9:55 a.m. Economists are anticipating an upward revision to 55.8, from its initial reading of 54.9 for August -- the lowest level since 1980. In July, consumer sentiment came in at 63.7.

The tri-state area is in preparation mode after the

governors of Connecticut, New Jersey and New York all declared states of emergency after Hurricane Irene shifted course, putting it on a pass to possibly hit the area over the weekend.

Shares of

Tiffany

(TIF) - Get Report

were gaining 7.8% to $68 ahead of Friday's opening bell after the luxury jewelry retailer topped analysts' estimates for second-quarter earnings of 70 cents a share with an adjusted quarterly profit of 86 cents a share. Sales of $872.7 million were also ahead of Wall Street's forecasts for revenue of $786 million.

The company also raised its full-year earnings guidance to a range that exceeded analysts' calls for earnings of $3.56 a share.

OmniVision Technologies

(OVTI)

saw its stock plunge 24% to $18.85 in early trading after the

digital imaging technology company issued a weak outlook for its current quarter.

Shares of

Pandora Media

(P)

were rising 7.8% to $13.44 during the premarket trading session on better-than-expected second-quarter earnings. The

Internet radio company saw strong Web-based and mobile advertising revenue during the quarter.

AIG

(AIG) - Get Report

CEO

Robert Benmosche has complained to senior executives at investment banks about unfavorable stock research , just as the insurer considers which bank should lead another large offering of the U.S. government's shares later in 2011, according to a

Wall Street Journal

report.

The October crude oil contract was losing 47 cents to trade at $84.83 a barrel. Elsewhere in commodity markets, gold for December delivery was gaining $25.90 to trade at $1,789.10 an ounce.

The benchmark 10-year Treasury was rising 6/32, diluting the yield to 2.216%. The dollar weakened against a basket of currencies, with the dollar index down by 0.4%.

.

-- Written by Melinda Peer in New York

.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.