Stock futures point to higher start
November 29, 2012 9:28 PM EST
Stock futures pointed to a higher open on Wall Street on Thursday, with futures for the S&P 500 up 0.6 percent at 4.24 a.m. EST.
Dow Jones futures added 0.4 percent while contracts on the Nasdaq 100 were 0.8 percent higher.
Asian and European shares also rose on Thursday as hints from U.S. policymakers of progress toward reaching a fiscal deal boosted investors' risk appetites.
The Commerce Department releases a second preliminary estimate of gross domestic product for the third quarter and a first estimate of third-quarter corporate profits at 8.30 a.m. EST.
Third-quarter GDP growth will likely be raised to a 2.8 percent annual pace from 2 percent, thanks to restocking by businesses and a smaller deficit on the trade balance. Given that inventories will account for the bulk of the growth spurt, this should not be viewed as a sign of strength in the economy. The inventory boost is at the expense of growth in the fourth quarter.
Retailers including Nordstrom
Kroger, the biggest U.S. supermarket operator, is expected to report third-quarter earnings per share of $0.43, up from $0.33 on year earlier. The report will give investors insight into spending by mainstream consumers and a read into food costs following this summer's devastating drought.
Upscale jeweler Tiffany & Co will also provide its quarterly report, with EPS seen at $0.63 from $0.70 on year earlier, and update investors on how it expects holiday sales to shape up.
An advisory panel to the U.S. Food and Drug Administration on Wednesday voted that an experimental Johnson & Johnson
Mark Fields said his top priority when he starts running Ford Motor's Co
Video recorder pioneer TiVo Inc
ATM maker NCR Corp
The Dow Jones industrial average <.DJI> rose 106.98 points, or 0.83 percent, to 12,985.11 on Wednesday. The S&P 500 <.SPX> gained 10.99 points, or 0.79 percent, to 1,409.93. The Nasdaq Composite <.IXIC> added 23.99 points, or 0.81 percent, to close at 2,991.78.
(Reporting By Francesco Canepa; Editing by Toby Chopra)
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