(RTTNews) - After moving sharply higher in the previous session, stocks could see some further upside in early trading on Friday. The major index futures are currently pointing to a modestly higher open for the markets, with the Dow futures up by 31 points.<\/p>\n
The markets may benefit from the release of a report from the Commerce Department showing that the U.S. economy grew by more than anticipated during the second quarter.<\/p>\n
The Commerce Department said GDP increased at an annual rate of 1.5 percent in the second quarter compared to an upwardly revised 2.0 increase in the first quarter. Economists had been expecting GDP to increase by about 1.2 percent.<\/p>\n
The stronger than expected GDP growth reflected positive contributions from consumer spending, exports, non-residential fixed investment, private inventory investment, and residential fixed investment.<\/p>\n
While the increase in GDP exceeded estimates, however, the pace of growth in the second quarter still reflects a notable slowdown compared to the two previous quarters.<\/p>\n
Not long after the open, Thomson Reuters and the University of Michigan are due to release their revised report on consumer sentiment in the month of July. The consumer sentiment index for July is expected to be unrevised at 72.0.<\/p>\n
Among individual stocks, shares of Merck (MRK) could see early strength after the drug giant reported better than expected second quarter earnings. The company benefited from an increase in sales of its diabetes drugs.<\/p>\n
Biotech giant Amgen (AMGN) may also move to the upside in early trading after reporting second quarter results that exceeded analyst estimates and raising its full-year guidance.<\/p>\n
On the other hand, shares of Facebook (FB) are likely to come under pressure after the social networking giant reported second quarter results that came roughly in line with analyst estimates but disappointed investors by failing to provide guidance.<\/p>\n
With traders reacting positively to comments by European Central Bank President Mario Draghi, stocks moved sharply higher during trading on Thursday. The markets also benefited from a batch of largely upbeat U.S. economic data.<\/p>\n
After rallying at the open, the major averages remained firmly in positive territory throughout the session. The Dow jumped 211.88 points or 1.7 percent to 12,887.93, the Nasdaq surged up 39.01 points or 1.4 percent to 2,893.25 and the S&P 500 soared 22.13 points or 1.7 percent to 1,360.02.<\/p>\n
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 225 Index surged up by 1.5 percent, while Hong Kong's Hang Seng Index jumped by 2 percent.<\/p>\n
The major European markets have also moved to the upside on the day, adding to yesterday's strong gains. While the French CAC 40 Index has advanced by 1.1 percent, the German DAX Index has risen by 0.3 percent and the U.K.'s FTSE 100 Index has edged up by 0.1 percent.<\/p>\n
In commodities trading, crude oil futures are climbing $0.45 to $89.42 a barrel after moving up $0.42 to $89.39 a barrel on Thursday. Gold futures are advancing $6.70 to $1,619.40 an ounce. In the previous session, the precious metal rose $7to $1,615.10 an ounce.<\/p>\n
On the currency front, the U.S. dollar is trading at 78.39 yen compared to the 78.22 yen it fetched at the close of trading on Thursday. Against the euro, the dollar is valued at $1.2279 compared to yesterday's $1.2283.<\/p>\n
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