U.S. stocks are poised to open higher as investors await the first reading on second-quarter U.S. GDP, and after encouraging remarks from Europe’s central bank about supporting the euro.
Economists predict the U.S. economy grew at a 1.4% annual pace, down from 1.9% in the first quarter. The University of Michigan will release its Consumer Sentiment Index for July, which is expected to be unchanged from last month.
This morning, Chevron Corp. (NYSE: CVX) is expected to post earnings per share of $3.27 on revenue of $60.4 billion. Merck & Co. (NYSE: MRK) reported better-than-expected net income and revenue.
Facebook Inc. (NASDAQ: FB) and Starbucks Corp. (NASDAQ: SBUX) shares are down sharply in premarket trading.
Some 72% of the 271 S&P 500 companies that have reported second-quarter results topped analysts’ estimates, according to Bloomberg.
Global stocks rallied and the euro rose by the most in almost a month against the dollar after European Central Bank President Mario Draghi suggested policy makers might intervene in bond markets as yields surge in Spain and Italy. Germany’s Bundesbank remains opposed to additional bond purchases by the ECB.
Britain’s FTSE 100 has risen 0.2% and the DAX in Germany is up 0.3%. France’s CAC 40 is 1.3% higher.
The Shanghai Composite inched up 0.1% at the close, while the Hang Seng in Hong Kong gained 2% and Japan’s Nikkei ended 1.5% higher.
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