Bloomberg News

S&P 500 Futures Little Changed as GDP Revision Matches Forecasts

August 29, 2012

U.S. stock-index futures remained little changed after government data showed gross domestic product expanded more than previously estimated last quarter, matching economists’ estimates for 1.7 percent growth.

Futures on the Standard & Poor’s 500 Index rose less than 0.1 percent to 1,408.00 at 8:32 a.m. in New York.

Second-quarter GDP growth was revised from an initial estimate of 1.5 percent, Commerce Department data showed, reflecting an improvement in the trade deficit and pickup in household spending on utilities.

The S&P 500 last week climbed to its highest level on an intraday basis in more than four years, then failed to close at that milestone.

The index has fluctuated near the 1,400 level for three weeks as trading slowed toward the end of the U.S. summer and investors awaited the Federal Reserve’s annual gathering in Jackson Hole to gauge prospects for a possible third round of so-called quantitative easing through asset purchases.

A release from the National Association of Realtors today will show that U.S. pending house sales rose 1 percent in July, according to a Bloomberg survey of economists. They declined 1.4 percent in June.

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net


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