(MENAFN- ProactiveInvestors) U.S. stock futures were slightly lower in early trading Friday holding losses after the second reading on fourth quarter GDP showed a 2.2% annual growth rate lower than the previous 2.6% estimate.
The reading was slightly better than expected though as economists had anticipated a 2.1% annual growth rate in the fourth quarter.
Futures on the three major U.S. market indexes were down around 0.1% premarket after stocks ended little changed on Thursday. The Nasdaq stands about 12 points away from hitting the 5000 mark a level not breached since March 2000. Meanwhile the Dow and the S&P 500 have had their best one month percentage gains since October 2011.
In addition to GDP figures this morning the Chicago purchasing managers index is due out at 9:45am ET followed shortly after by January pending home sales and the University of Michigan's final February consumer sentiment index.
European markets were mixed today after Germany's parliament approved an extension of Greece's bailout. The Bundestag vote was the only major parliamentary hurdle for the four month extension to the bailout program as other EU countries are expected to vote in favour of the deal which was approved by eurozone finance ministers earlier this week.
Japan's Nikkei hit fresh 15-year highs today after upbeat industrial output data while retail sales slid and inflation slowed.
U.S. crude futures in New York jumped over 2% last up $1.00 at $49.17 a barrel in New York as a reduction in rig counts and healthy growth in Chinese demand this year supported prices. China's implied oil demand is set to grow 3% in 2015 according to China National Petroleum.
In corporate activity the earnings calendar was light today but J.C. Penney () slid premarket after reporting last night a break-even quarter falling short of estimates. Revenue came in above forecasts while comparable store sales jumped by a better-than-expected 4.4%.
Gap () beat on earnings while revenue met estimates though the retailer issued a conservative forecast for 2015 citing West Coast port disruptions and a stronger dollar.
() surprised analysts with its adjusted quarterly profit topping views by 19 cents though revenue fell short of forecasts. The company also warned on first quarter and full year sales.
In other news () is planning to hold an event on March 9 amid speculation of the launch of the Watch. The invitation only said "Spring forward" in reference to daylight savings time.
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