Investors are absorbing the impact of the initial GDP estimates number. Coming in at a weaker-than-expected 2.2% annualized, stock futures are trimming their early gains. Wall Street is also having to deal with the credit downgrade of Spain after the close yesterday by the S&P. Dow futures are currently up 4 points. The Nasdaq and S&P 500 futures are both higher, each adding 12 and 4 points respectively.
On the earnings front, Amazon blew away Wall Street expectations and is surging in premarket trading. The beat was on par with Apple’s and is going a long way to help the tech sector bounce higher.
Europe is still in a state of flux after the S&P downgraded Spain to BBB+ with a negative outlook. The S&P released a statement saying there were rising concerns over Spain’s ability to service its debt and the real possibility they would have to do more to support their financial institutions. This shook European markets initially but they have since regained their footing to the upside. Still an ongoing issue, but investors seem to want to ignore those issues for the day. [Read more...]