Stock futures point to gains ahead of GDP revision

Equity futures are indicated that stocks will add to Tuesday’s gains ahead of the latest reading on economic growth.

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Dow Jones futures were rising by 0.3 percent. The S&P 500 added 0.2 percent and the Nasdaq Composite was up 0.2 percent.

Investors will get the second revision to 3Q GDP.  Economists expect the growth rate to come in at 3.5 percent, which would be unchanged from the prior reading.

October new homes sales data will also be released.

Earnings are due from Tiffany & Company, J.M. Smucker and Dick’s Sporting Goods.

U.S. stocks trimmed early session losses Tuesday and posted modest gains as shares of several tech companies and retailers paced the broader market.

Investors assessed a downbeat report from the S&P CoreLogic Case-Shiller National Home Price Index, which indicated that the pace of U.S. home price hikes declined in September.

Ticker Security Last Change %Chg
I:DJI DOW JONES AVERAGES 24748.73 +108.49 +0.44%
SP500 S&P 500 2682.17 +8.72 +0.33%
I:COMP NASDAQ COMPOSITE INDEX 7082.6997 +0.85 +0.01%

In afternoon trading, several big tech companies, including Microsoft, Amazon and Netflix, began rising, and retailers like Macy’s and J.C. Penney Co. also posted gains, pushing the Dow Jones Industrial Average and S&P 500 into positive territory.

Sentiment was also boosted Tuesday afternoon when Larry Kudlow, Trump’s top economic advisor, told reporters that prospects for a U.S.-China trade were encouraging as reported by FOX Business.

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In Asian markets, China’s Shanghai Composite finished the day up 1.1 percent.

Hong Kong’s Hang Seng Index ended the session up 1.3 percent.

Japan’s Nikkei average rose for a fourth day gaining 1 percent.

In Europe, London’s FTSE opened up 0.4 percent, Germany’s DAX was also gaining 0.4 percent and France’s CAC added 0.3 percent.

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