S&P 500 futures rose on Tuesday night, as traders prepared for additional reports from major tech companies and looked ahead to a key reading on the economy's growth.
Futures tied to the broad market index added nearly 0.2%, while Nasdaq 100 futures inched up by 0.1%. Dow futures rose 44 points, or 0.1%.first preliminary reading of the gross domestic product out on Wednesday. The report is expected to show that GDP grew at a 3.1% annualized pace in the third quarter, according to the Dow Jones consensus forecast. That would be just 0.1the previous period if accurate, and would be the 10th straight quarter of expansion. It's also expected to show inflation moving closer to or coming out below the Federal Reserve's 2% inflation target.
In anticipation of the Big Tech earnings releases, investors drove the Nasdaq Composite to a fresh record during Tuesday's trading session. The Nasdaq advanced 0.78%, while the S&P 500 added 0.16%. The 30-stock Dow underperformed, shedding 0.36%."Growth-oriented stocks, like the NASDAQ 100, returned to leadership," on Tuesday, Rob Haworth, senior investment strategist at U.S. Bank Asset Management, said.
Haworth added that he is closely watching the quarterly GDP report to understand the health of the consumer, which appears resilient.GDP report Wednesday expected to show more growth, less inflation
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