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 U.S. second-quarter economic growth data will be released at 8:30
a.m. EDT, with GDP expected to have grown 3 percent. That would
represent a sharp turnaround from the weather-impacted first
quarter, when the economy contracted 2.9 percent.
The July ADP National Employment report on private sector employment
will be released a little earlier, at 8:15 a.m., and is expected to
show 230,000 jobs created in the month, down from June's 281,000.
Twitter Inc surged 27 percent to $49 in heavy premarket trading. On
Tuesday, the social media company reported monthly active users had
risen a better-than-expected 24 percent in the second quarter and
gave a revenue outlook that was above forecasts.
The results could bolster support for Internet and other social
media stocks, assuaging concerns the group is overpriced. Facebook
Inc <FB.O>, which also posted strong results this quarter and is up
almost 35 percent this year, rose 0.8 percent to $74.31 before the
bell.
Among other earnings, American Express Co late Tuesday reported
adjusted earnings that were in line with expectations, while
WellPoint Inc's earnings beat expectations.
At 2:00 p.m., the Federal Open Market Committee will release a
statement as it concludes its latest policymaking meeting. The
central bank is widely expected to trim its monthly asset purchases
to $25 billion from $35 billion, which would leave it on course to
shutter the program this fall. Investors are looking for any hint on
whether officials are growing more anxious to start to reverse their
monetary accommodation.
S&P 500 e-mini futures rose 4.75 points and were below fair value, a
formula that evaluates pricing by taking into account interest
rates, dividends and time to expiration on the contract. Dow Jones
industrial average e-mini futures gained 37 points and Nasdaq 100
e-mini futures rose 13 points.
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The S&P 500 has slipped 0.9 percent over the past three sessions,
and on Tuesday it closed below its 14-day moving average for the
first time since July 17. That level had served as support of late,
and staying decisively below it would be a sign that near-term
momentum is weakening.
While this earnings season has been positive in aggregate, with more
companies than usual beating expectations for both earnings and
revenue, there have been some high-profile disappointments that
worry investors about the state of the economy. On Tuesday, UPS gave
a weak outlook that weighed on the broader markets, and last week
Amazon.com Inc. and Boeing Co disappointed.
(Editing by Bernadette Baum)
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