off-the-wire

Futures extend gains after GDP data

Kitco Media
By Reuters
Published:
Updated:
Reuters
Futures extend gains after GDP data teaser image

Aug 29 (Reuters) - U.S. stock index futures extended gains on Thursday as a better-than-expected GDP reading for the second quarter calmed fears of an imminent slowdown in the American economy.

Gross domestic product (GDP) grew by 3% in the last quarter, a Commerce Department report showed in its second estimate, better than expectations of a 2.8% growth.

Separately, a Labor Department report showed initial claims for unemployment benefits for the week ending Aug. 24 stood at 231,000, marginally lower than estimates of 232,000 as per economists polled by Reuters.

At 08:33 a.m. ET, Dow E-minis were up 289 points, or 0.7%, Nasdaq 100 E-minis were up 81.75 points, or 0.42%, and S&P 500 E-minis were up 21 points, or 0.37%.

Reporting by Purvi Agarwal in Bengaluru; Editing by Shounak Dasgupta

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