Futures slightly lower as investors await first reading of 3Q economic growth.
October 29, 2004: 5:43 AM EDT
NEW YORK (CNN/Money) - With just four days until the 2004 election, U.S. investors appeared jittery Friday morning ahead of the initial third-quarter gross domestic product report.
Early Friday , Nasdaq and S&P futures were lower.
The nation's economic performance in the third quarter will be revealed before trading begins. Economists surveyed by Briefing.com expect to see an annual growth rate of 4.3 percent, compared with 3.3 percent in the second quarter.
Also due is the employment cost index, which is expected to show a 1 percent gain for the third quarter, compared with a 0.9 percent increase for the second quarter.
After trading begins, the revised University of Michigan consumer sentiment index for October is expected to be bumped up to 88 from the originally reported 87.5. And the Chicago-NAPM reading on manufacturing for October is seen declining to 59 from 61.3 in September.
Oil prices were fairly steady at levels well off the recent record highs. U.S. crude futures rose 4 cents to $50.96 a barrel in electronic trading, while Brent oil futures slipped 29 cents to $48.08 a barrel in London.
Stocks managed some modest gains Thursday as falling oil prices barely offset anxiety about the presidential election. The Dow Jones industrial average rose 2-1/2 points, while the Nasdaq composite index was up 7-3/4 points (see chart for details).
The indexes should finish the week higher, barring a spectacular selloff -- although this is the 75th anniversary of the 1929 stock market crash. The Dow is up nearly 247 points going into the final session, while the Nasdaq is up more than 61 points.
Asian-Pacific stocks ended mostly lower Thursday thanks to China's surprise rate hike; Tokyo's Nikkei index fell 0.8 percent. European markets were lower in early trading. (Check the latest on world markets)
Treasury prices fell in early trading, sending the 10-year note yield up to 4.08 percent from 4.05 percent late Thursday. The dollar drooped against the yen and was little changed versus the euro. Gold was higher.
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