U.S. markets to evaluate revised GDP, jobless claims with five-session win streak on the line.
May 29, 2003: 5:26 AM EDT
By Mark M. Meinero, CNN/Money Staff Writer
NEW YORK (CNN/Money) - Thursday's second look at the first-quarter economy and the weekly jobless claims could give U.S. investors reason to reconsider the week-long runup in stocks.
At 5:30 a.m. ET, futures pointed to a slightly higher open for the major indexes.
The revised first-quarter gross domestic product, the broadest measure of the nation's economy, is due before trading begins. Economists surveyed by Briefing.com expect to see a rise in the annual growth rate to 1.9 percent from the originally reported 1.6 percent last month. Such a figure would reflect a sluggish economy, one that has persisted despite experts' constant refrain that a strong recovery isjust around the corner.
Also due before the opening bell is the weekly jobless claims figure. Economists anticipate a decline in the week ended May 24 to 420,000 from 426,000 the week before.
The Dow Jones industrial average rose for the fifth straight day Wednesday, although it was just 0.1 percent. The Nasdaq composite index's 0.4 percent advance left it at its highest level since June of last year.
Asian-Pacific stocks finished higher Thursday, with Tokyo's Nikkei index up 1.7 percent. European markets retreated in early trading.
Among U.S. stocks trading in Europe, Amazon.com (AMZN: Research, Estimates) was unchanged. The online retailer said it plans to expand to new areas in the coming year, although it didn't specify which product categories it would pursue.
Treasury prices fell in early trading, sending the 10-year note yield up to 3.43 percent from 3.41 percent late Wednesday. The dollar continued to recover against the euro, which slipped below $1.17 after setting a record high above $1.19 Tuesday; the U.S. currency also gained against the yen.
Brent oil futures slipped 25 cents to $25.34 a barrel in London, where gold advanced in early trading.
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