Investors await readings on 3Q GDP, jobless claims and Exxon Mobil quarterly results.
October 30, 2003: 7:40 AM EST
NEW YORK (CNN/Money) - U.S. investors will find out Thursday just how hot the summer of 2003 was for the economy when the government issues its initial report on gross domestic product for the period.
Also due Thursday are the weekly jobless claims figure and the third-quarter results from leading oil producer Exxon Mobil.
At 7:35 a.m. ET, futures pointed to a flat to lower start for the major indexes.
There are signs that the third quarter rocked as far as economic growth is concerned. Economists surveyed by Briefing.com expect, on average, an annual growth rate of 6 percent, compared with 3.3 percent in the second quarter. There even has been talk of a 7 percent improvement.
"It's a hugely important number, but the problem is we have been talking about it for so long that lot of the shock value has been taken out of the data," Ken Wattret, chief euroland economist at BNP Paribas bank, told Reuters. "It's just a question of how strong the figure is. Consensus is for about 6 percent, so to see an upward surprise you would have to see something north of 6.5 percent, which is a possibility."
As for jobless claims, economists predict a slight decline to 385,000 in the week ended Oct. 25 from 386,000 in the prior week.
The day's other economic report is the employment cost index for the third quarter, which is expected to show a well-in-check rise of 0.9 percent, matching the second quarter.
Also under investor scrutiny is Treasury Secretary John Snow's appearance before the Senate Banking Committee, scheduled to begin just after the markets open. Snow will be questioned about China, with many senators irate that Beijing's reluctance to let its currency float in the market is leading to an unfair trade advantage.
Exxon Mobil tops the list of companies posting quarterly results Thursday. The world's largest oil marketer is expected to report income of 62 cents a share, up from 44 cents a year earlier, according to a consensus of analysts surveyed by First Call.
The company's European peers, BP and Royal Dutch/Shell, delivered less than sparkling quarterly numbers.
Among U.S. stocks trading in Europe, Exxon Mobil (XOM: Research, Estimates) was slightly lower in early trading.
The Dow Jones industrial average rustled up a modest 0.3 percent advance Wednesday after a positive earnings report from Boeing. The Nasdaq composite index was just 0.2 percent higher.
Asian-Pacific stocks ended mixed Thursday, with Tokyo's Nikkei down 0.4 percent. European markets were little changed in midday trading there. (Check the latest on world markets)
Treasury prices advanced early Thursday, sending the 10-year note yield down to 4.27 percent from 4.29 percent late Wednesday. The dollar weakened against the yen but strengthened versus the euro.
Brent oil futures slipped 29 cents to $27.05 a barrel in London, where gold topped $390 an ounce.
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