Seeking Alpha

Stock futures tick lower after GDP data

  • Stock futures are slightly lower after revisions to Q4 GDP figures showed the economy grew at a slower pace than originally reported; S&P, Dow and Nasdaq futures each -0.1%.
  • Q4 GDP growth was revised lower to 2.4% from an initial estimate of 3.2%, but in line with forecasts; real final sales were revised down to 2.3% from 2.8% while GDP prices were revised up to 1.6% from 1.3%.
  • Tensions between Russia and Ukraine remain high but European markets appeared calmer over the situation; Asian shares ended mixed, but attention was on the Chinese yuan, which tumbled vs. the dollar on speculation that the PBOC is massively intervening to bring down the value of the currency.
  • Treasurys sit on session lows, with the 10-year yield up 3 bps at ~2.67%.
  • Still ahead: Chicago PMI, consumer sentiment, pending home sales.
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