In addition, financials stocks are getting an early lift from yesterday’s news that major banks passed the Federal Reserve’s “stress test.” More on both below. Shares are up across the chip space in premarket trading. Today’s early strength could also partially reflect solid earnings released late Wednesday by semiconductor company Micron (MU). While a stronger economy sometimes raises worries about rate increases, currently the market seems to be treating good news as good news. The revision primarily reflected upward revisions to consumer spending and exports, the Bureau of Economic Analysis (BEA) said. That’s rare, as usually these final estimates don’t depart much from the second one. The government raised its third and final estimate for Q1 GDP to 2% today, from the previous 1.3%. (Thursday market open) As the second quarter and first half of the year wind down, stocks have a firmer tone early Thursday after a surprise upward adjustment to the government’s Q1 Gross Domestic Product (GDP) estimate.
Nike earnings after the close likely to be eyed for supply chain issues, China businessĬhina’s June PMI due tonight and expected to show manufacturing remains in contraction
Stocks get early boost from surprising upward adjustment in GDP estimate, strong Micron results
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