Investors awaited the first estimate for third-quarter annualized gross domestic product growth from the Commerce Department.
Traders work on the floor of the New York Stock Exchange in New York City, October 27, 2021.Stock futures edged higher in overnight trading on Wednesday after the S&P 500 and the Dow Jones Industrial Average slipped from their record highs.Investors awaited the first estimate forfrom the Commerce Department. Economists polled by Dow Jones expected an increased of just 2.
On Wednesday, the S&P 500 slipped 0.5% for its first down day in three as the rally on a strong earnings season started to ease. The blue-chip Dow dipped more than 250 points, falling for the first time in four days. Major averages has been marching higher on earnings momentum this month. The S&P 500 has gained 5.6% in October, on pace to post its best month since November 2020. The Dow is up 4.9% this month, while the tech-heavy Nasdaq Composite has rallied 5.5%.
Nearly 40% S&P 500 companied have reported earnings and more than 80% of them beat Wall Street expectations, according to CNBC calculations. S&P 500 companies are expected to grow profit by about 37.6% in the third quarter. "Earnings have helped and a reminder that US reporting so far has been better than the long-term average in terms of beats," Jim Reid, head of thematic research at Deutsche Bank, said in a note. "It has still been healthier relative to some of the stagflationary gloom stories seen through September and early October which has perhaps helped the relief rally."
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