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Market Snapshot: U.S. stock futures edge higher ahead of GDP report, Robinhood debut

A previous version incorrectly identified the housing-market indicator due for release. It’s pending-home sales.

U.S. stock futures edged higher Thursday ahead of a report on the health of the U.S. economy, as investors await the trading debut of online brokerage Robinhood Markets.

What’s happening

On Wednesday, the Dow
DJIA,
-0.36%

and the S&P 500
SPX,
-0.02%

closed lower, while strong results from Google owner Alphabet
GOOGL,
+3.18%

carried the Nasdaq Composite
COMP,
+0.70%

higher.

What’s going on

The Commerce Department reports second-quarter gross domestic product figures, with expectations for an 8.5% annualized rise. There’s also weekly jobless claims and pending home sales data due for release.

Earnings season continues as online retailing giant Amazon.com
AMZN,
+0.11%

reports after the close of trade. Facebook
FB,
+1.49%

shares were trading lower in premarket action as the social media giant, like other tech titans, beat second-quarter earnings estimates but also guided to slowing revenue growth in the second half of the year.

Like Facebook, PayPal
PYPL,
+0.50%

also beat estimates but said current quarter sales would miss expectations.

Robinhood Markets
HOOD,

makes its long-awaited debut after pricing its initial public offering at the low end of expectations.

Other markets

The Hang Seng
HSI,
+3.30%

rallied 3.3% on reports Chinese authorities tried to placate top foreign institutions about a wave of regulatory actions. China has no intention to decouple from global markets, the Wall Street Journal quoted the vice chairman of the China Securities Regulatory Commission as saying.

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