Updated from 6:53 a.m.
Here are 10 things you should know for Friday, Feb. 26:
1. -- U.S. stock futures were rising Friday as investors consider higher-than-expected GDP growth and mull the likelihood of a global economic stimulus stemming from the G20 meeting in Shanghai.
European stocks were rising Friday on those same G20 hopes. In London, the FTSE 100 was up 1.12%. In Frankfurt, the Dax was up 2.19%. In Paris, the CAC 40 rose 2.11%. And in Hong Kong, the Hang Seng leaped 2.52%. In mainland China, the CSI 300 composite index closed up 1%. In Tokyo, the Nikkei 225 closed up 0.3%, and the Topix gained 0.29%.
2. -- The economic calendar in the U.S. on Friday includes GDP numbers at 8:30 a.m., personal income and outlays data (used by the Fed to consider inflation) at 8:30 a.m., the University of Michigan's Consumer Survey Center consumer sentiment numbers at 10 a.m., and the Baker Hughes Rig Count at 1 p.m.
San Francisco Federal Reserve Bank President John Williams will speak at 10:15 a.m., Federal Reserve Bank Governor Jerome Powell will also speak at 10:15 a.m., and Federal Reserve Bank Governor Lael Brainard will speak at 1:30 p.m.
3. -- U.S. stocks bounced higher at the end of trading Thursday after a down morning. Oil lurched higher at the end of trading on news that the Organization of Petroleum Exporting Countries was considering an oil production freeze.
The S&P 500 rose 1.13% to 1951.7. The Dow Jones Industrial Average jumped 1.29% to 16,697.29. The Nasdaq
headed 0.87% higher to 4582.21.
4. -- The Bureau of Economic Analysis said that gross domestic product for the fourth quarter increased at an annual rate of 1%. Initial estimates put GDP at 0.7% growth for the quarter, although analysts expected that estimate would be revised down to 0.4% growth.
GDP is a measure of overall growth in the entire economy. The relative strength of GDP growth may prompt the Fed to raise rates sooner than analysts predicted.
5. -- The G20 meeting of world finance leaders is underway in Shanghai. Normally the participants would be planning ways to boost the global economy. But Wolfgang Schaeuble, the German finance minister, said that central bankers had few fiscal and monetary policy tools that hadn't already been tapped.
The meeting seemed to raise investors' hopes somewhat, despite a sharp drop in Chinese stocks earlier this week.
6. -- The $38 billion buyout of oil pipeline company Williams (WMB - Get Report) by Energy Transfer Equity (ETE) may be on the rocks, according to the New York Times. Both companies have seen their stock prices fall sharply amid lower energy prices and unsatisfying earnings. And Energy Transfer Equity has looked for ways to scuttle the deal, including paying $2 billion to Williams to walk away, said a Times source. It's still possible, though, that Williams shareholders could vote down the deal.
In premarket trading, Energy Transfer Equity stock was bouncing higher by 2.2% after a nearly 5% loss on Thursday. Williams shares fell 3.7% on Thursday but were level in premarket trading.
7. -- Health supplement and vitamin maker Herbalife (HLF - Get Report) is talking with government regulators about allegations that it is a pyramid scheme. Bill Ackman, of the hedge fund Pershing Square Capital Management, has long complained that the company is operating under unsound business practices and has shorted the stock.
Herbalife said the outcome of the investigation by the Federal Trade Commission was impending, but didn't predict that outcome.
In premarket trading, Herbalife shares were holding fairly steady. The stock is down 14.7% in 2016.
8. -- Drug company Pfizer (PFE - Get Report) could avoid $35 billion in taxes through its merger with Allergan (AGN - Get Report) , said a group that opposes the merger. Such deals, which relocate corporate headquarters in lower-tax countries, have faced considerable political pushback. The report may be a roadblock in the deal's completion.
Allergan is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio.
In premarket trading, Allergan stock was rising by 0.5%, and Pfizer stock was steady.
9. -- Taiwanese electronics maker Foxconn (FXCOF) finally seemed ready to buy Japan's Sharp (SHCAY) after four years of pursuit, announcing Thursday that Sharp had accepted its buyout offer of ¥700 billion ($6.24 billion). Yet Foxconn suddenly paused the buyout plan Friday after it learned that Sharp may face liabilities of ¥300 billion ($2.7 billion).
The companies will meet over the weekend to discuss whether the deal will continue.