- GDP may have been soft in Q1, but today’s report shows a big second quarter. Consumer spending drove GDP higher in the second quarter, to a 4.1 percent annualized.
- At 10 a.m. ET, the University of Michigan will issue its final July consumer sentiment index, expected to rise to 97.3 from the mid-month reading of 97.1
- At 1pm ET, look for the Baker Hughes North American rig count which tracks weekly changes in the number of active operating oil & gas rigs.
Overnight Trading Notes:
- MSCI Asia Pacific Index rose 0.4 percent
- Japan’s Topix index closed 0.6 percent higher as easing global trade tensions continued to lift sentiment.
- In Europe, the Stoxx 600 Index was up 0.3 percent at 5:45 a.m. as positive results from BT Group Plc helped the telecom sector.
- S&P 500 futures were pointing to a gain at the open.
- Twitter, Exxon Mobil, Merck and Chevron (CVX) are this morning’s earnings notable announcements.
- L’Oréal, Danone, Yahoo Japan, Weyerhaeuser, Colgate-Palmolive, Goodyear Tire, Moody’s, Phillips 66, and Synchrony Financial also scheduled to report.
- There are no earnings scheduled after today’s closing bell