Dow futures fall after big Exxon miss; Street awaits GDP data

U.S. stock index futures were lower on Friday as market participants digested another deluge of corporate earnings while awaiting key U.S. economic data.

At around 8:05 a.m. ET, Dow Jones Industrial Average futures declined 88 points, indicating a drop of 91 points at the open. Futures on the S&P 500 and Nasdaq 100 also traded lower.

Dow member Exxon Mobil fell more than 2.5% in the premarket after reporting quarterly earnings per share that badly missed analyst expectations. Intel, another Dow component, fell more than 7% after the company issued light revenue guidance for the year.

Other companies that reported between Thursday afternoon and Friday morning include Ford Motor, Mattel, Starbucks and American Airlines.

Market focus is also largely attuned to economic developments, amid speculation that figures later in the session could show the U.S. economy outperforming the rest of the developed world.

A string of robust numbers for the world’s largest economy has prompted analysts to revise up their forecasts for expansion and the latest Reuters poll is for annualized growth of 2%.


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Meanwhile, the closely-watched projection of gross domestic product (GDP) from the Atlanta Federal Reserve is expecting an outcome of 2.7%, a massive turnaround from a few weeks ago when it stood at 0.5%.

Official U.S. GDP data is expected to be published at around 8:30 a.m. ET, with consumer sentiment figures for April set to follow slightly later in the session.

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