April 30, 2014 -- 8:30 a.m. - 04/30/14
Stock index futures are suggesting a flat open on Wall Street. The Dow, S&P 500 and NASDAQ are all less than 0.1% below fair value.
The major averages are searching for direction as investors digest a large batch of economic data. U.S. economic growth slowed more than expected amid harsh winter weather and as exports dropped. GDP grew at a 0.1% annualized rate in the first quarter, compared with a 2.6% gain in the prior quarter.
A separate report from ADP showed companies increased payrolls by 220,000 in April, topping estimates for a gain of 210,000. In addition, the Chicago Purchasing Manager index is anticipated to rebound this month when its released at 9:45 a.m. ET. The Fed is also in focus with the FOMC rate decision due out this afternoon. The central bank is expected to keep its key interest rate unchanged and reduce its bond-buying program to $45 billion from $55 billion.
Earnings results are also garnering attention. Twitter is dropping 11% in pre-market trading after saying user growth slowed. eBay is also under pressure, losing 4.7% ahead of the open, after delivering a weak sales forecast. On the upside, Time Warner is up 0.8% after its first-quarter profit jumped as revenue across the company's segments increased.
In fixed-income, Treasuries are flat. The 10-year note is up 2/32 to yield 2.68% and the 30-year bond is flat to yield 3.49%.
This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.