Economic growth figure, oil company's earnings among the factors in Thursday's market.
July 31, 2003: 5:24 AM EDT
By Mark M. Meinero, CNN/Money Staff Writer
NEW YORK (CNN/Money) - Wall Street's July ends with a flourish Thursday as investors -- well ahead for the month to date -- consider the initial reading of second-quarter economic growth and earnings from three Dow components.
At 5:25 a.m. ET, futures pointed to a higher start for the major indexes.
Just how anemic the economy was this spring will be revealed before the start of trading when the government releases second-quarter GDP figures. Economists surveyed by Briefing.com expect to see an annual growth rate of 1.5 percent, little changed from the first-quarter's 1.4 percent rate.
Also due before the open is the employment cost index for the second quarter, which is projected to have risen 1 percent after a 1.3 percent boost in the first quarter.
And economists will be anxious to see the initial jobless claims number, especially after last week's initially reported 386,000 was the first weekly reading below the critical 400,000 mark in five months. Economists expect claims to bump up to 400,000 for the week ended July 26.
After trading begins, the National Association of Purchasing Management-Chicago issues its closely watched regional manufacturing index for July. It's forecast to rise to 53.8 from 52.5 in June, signifying further growth in the sector.
Exxon Mobil (XOM: Research, Estimates), the world's largest oil company, reports second-quarter results before the start of trading. Analysts surveyed by First Call expect the company's profit to have risen to 56 cents a share from 39 cents a share a year earlier.
Among U.S. stocks trading in Europe, Dow component Exxon Mobil was slightly higher.
Another of the 30 industrials, consumer products maker Procter & Gamble (PG: Research, Estimates), is forecast to report fiscal fourth-quarter earnings of 86 cents a share, up from 77 cents a share a year earlier.
Other companies reporting before trading starts include oil field services provider Halliburton (HAL: Research, Estimates), cable system operator Comcast (CMCSK: Research, Estimates) and pound cake baker Sara Lee (SLE: Research, Estimates).
After the close, Dow component Walt Disney (DIS: Research, Estimates) will disclose just how much the animated film "Finding Nemo" has helped its bottom line. The media company's fiscal third-quarter earnings are seen slipping to 16 cents a share from 17 cents a year earlier.
For details of Wednesday's action, click above
The Dow Jones industrial average is more than 214 points higher so far in July, even after Wednesday's 0.1 percent slip. The Nasdaq composite index is more than 98 points ahead despite a 0.6 percent loss Wednesday. (see chart for table of Wednesday's session)
Asian-Pacific stocks ended mixed, with Tokyo's Nikkei index down 0.7 percent. European markets were flat at the open. (Check the latest on world markets)
Treasury prices continued to rebound from the one-year lows reached earlier in the week, with the 10-year note yield down to 4.24 percent from 4.31 percent late Wednesday. The dollar gained against the euro but slipped against the yen.
Brent oil futures advanced a penny to $28.51 a barrel in London, where gold was little changed.
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