(MENAFN- ProactiveInvestors) US stock futures were under sharp pressure in early trading Friday on the last trading day of January with investors focused on worse-than-expected fourth quarter GDP figures and another plethora of earnings results.
Wall Street snapped a two-day losing streak on Thursday with the Dow finishing up 226 points after oil prices nudged higher and jobless claims hit a 14-year low.
Today's most important US economic report is the government's first look at fourth quarter GDP which expanded 2.6% in the fourth quarter below expectations for a 3.2% gain. The US economy expanded 5% in the third quarter.
Later this morning the Chicago Purchasing Manager's Index is due out at 9:45am ET and is expected to drop to 57.5 for January from 58.8 in December. Just a short time later the University of Michigan's final read on January consumer sentiment is out with consensus forecasts calling for a rise to 98.2 up from December's 93.6 reading.
In corporate activity () leads today's list of earnings.
(NYSE:LLY) topped estimates on earnings but revenue was short due to the impact of the stronger US dollar. The drugmaker also adjusted its outlook for the year including reducing its revenue estimate to a range of $19.5 to $20 billion from its previous guidance of $20.3 to $20.8 billion.
Dow stock () beat estimates on both earnings and revenue helped by cheaper gasoline prices. Shares rose almost 4% premarket as the company also announced a 4-for-1 stock split.
's () stock also climbed after profit and sales beat expectations while () shares slid after announcing poor holiday sales.
Amazon () blew past Wall Street earnings expectations last night pushing shares sharply higher premarket. But revenue fell short of estimates and so did its outlook.
() reported earnings and revenue that missed expectations weighed down by foreign exchange impacts and falling ad prices.
() shares rose premarket after earnings and revenue came in above estimates with the semiconductor maker increasing sales of its WiFi and broadband-related chips.
Shake Shack (NYSE:SHAK) is to begin trading today on the NYSE this morning after pricing its IPO last night at $21 per share higher than the expected range of $17 to $19 per share valuing the hamburger chain at more than $700 million.
Valeant Pharmaceuticals (RX) is buying the cancer vaccine Provenge from the bankrupt drug maker Dendreon for $296 million. The vaccine generated about $300 million in revenue last year.
European markets were lower on Friday with shares in Germany off the most after new figures today showed the largest decline in consumer prices in the eurozone since July 2009. Consumer prices were 0.6% lower than in January 2014 heightening the risk of a slide toward deflation. Asian shares mostly closed lower except in Japan where the Nikkei jumped 0.4% boosted by strong earnings results and a rebound in global crude prices.
WTI crude for March delivery was last up 31 cents at $44.84 a barrel in New York while gold futures rose $6 to $1262 an ounce.
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