Reply #31: pre-open blather [View All]

[ozymandius]

9:01AM: S&P futures vs fair value: +0.4. Nasdaq futures vs fair value: -1.0.

Futures trade received a slight boost from the better than expected GDP data, and now points toward a flattish open for the indices. An analyst downgrade on Yahoo (YHOO) shares - the second this week - may be serving as some offsetting pressure; UBS lowered the stock's rating to Neutral from Buy. The earnings front, meanwhile, is mixed. Of the four reporters, JBX and MCDTA beat expectations, SFD missed them, and TIF reported in-line.

8:33AM: S&P futures vs fair value: -0.5. Nasdaq futures vs fair value: -2.5.

The stock market continues to head towards a slightly lower start, with investors sticking to the sidelines as the morning's economic data begins to hit the wires. The Q3 GDP revision was recently announced - last quarter, the economy grew 4.3%, stronger than both the 4.0% rise economists had anticipated and the 3.8% preliminary reading.