Stock Futures Weak After GDP Report
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Stock futures are weaker early Friday following a disappointing second quarter GDP report and the continued debt ceiling debate in Washington.
Dow futures are down 137, S&P 500 futures are down 14, and Nasdaq 100 futures are down 20.
The first reading of second-quarter GDP growth came in at 1.3%, which compares to the economist estimate of 1.8%. First-quarter GDP was revised down to 0.4% from the earlier estimate of a 1.9% gain.
Personal consumption in the second-quarter rose just 0.1%, well below the consensus of 0.8%.
Between the fiasco going down in Washington over the debt ceiling and the deplorable GDP report some feel a credit rating downgrade is now inevitable.
The U.S. Treasury said it has funds to operate through August 2nd - or 3 more days.
Dow futures are down 137, S&P 500 futures are down 14, and Nasdaq 100 futures are down 20.
The first reading of second-quarter GDP growth came in at 1.3%, which compares to the economist estimate of 1.8%. First-quarter GDP was revised down to 0.4% from the earlier estimate of a 1.9% gain.
Personal consumption in the second-quarter rose just 0.1%, well below the consensus of 0.8%.
Between the fiasco going down in Washington over the debt ceiling and the deplorable GDP report some feel a credit rating downgrade is now inevitable.
The U.S. Treasury said it has funds to operate through August 2nd - or 3 more days.
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