U.S. stock indexfutureswere flat on Wednesday, following a sharp decline in the previous session, as investors looked ahead to a read on GDP expected to show the economy shrank in the first quarter.
* The final read on first-quarter gross domestic product is due at 8:30 a.m. (1230 GMT) and is seen showing a contraction of 1.7 percent, wider than the previous read of minus 1 percent.
* A negative read, which largely reflects the impact of harsh winter weather throughout the early months of the year, is likely priced intomarkets, but other economic indicators could drive trading. Durable goods orders, also due at 8:30 a.m., are seen as flat in May, while a June read on service sector business activity from financial data firm Markit is seen as essentially unchanged from May.
teams arrived to assess Iraqi security forces and decide how to help counter the violence.
* Investors are concerned about the impact prolonged turmoil in Iraq could have on oil prices, which are already up 3.8 percent this month.U.S. crudefutures CLc1 rose 0.6 percent to $106.64 per barrel in early trading. Many analysts have speculated that prices above $115 per barrel for an extended period will weigh on economic activity.
* The CBOE Volatility index .VIX spiked more than 10 percent on Tuesday, coinciding with the market’s pivot lower, the biggest one-day pop for the “fear index” since April. Still, at 12.13 the VIX remains at very low levels from an historical basis.
*Bristol-Myers Squibb Co(BMY.N) late Tuesday said a late-stage trial testing its immunotherapy nivolumab in advanced melanoma patients was halted early after it was determined that the drug was likely to prolong survival.
* The U.S. Air Force late Tuesday said it had awardedLockheed Martin Corp(LMT.N) a fixed-price contract valued at $1.9 billion to complete work on two missile-warning satellites as part of the Space-Based Infrared System.
* Golar LNG Ltd (GLNG.O) was one of the Nasdaq’s most active premarket movers, falling 3 percent to $53.65 a day after it priced an offering of 11 million shares at a discount to its Tuesday close.