Futures were flat early following a slew of better-than-expected earnings reports and strong growth data from China.
Goldman Sachs blew past expectations, posting earnings of $8.20 a share that were a full $3.00 higher than analyst estimates. Xerox, Starbucks and eBay also posted good news.
New numbers showed China’s gross domestic product (GDP) rose 10.7% in the quarter. For the year, China grew at 8.7%, surpassing the 8.0% target. The strong growth has increased concerns of a more restrictive policy in China.
A rise in weekly jobless claims pressured markets. Initial claims rose 36,000 to 482,000. The consensus called for claims to dip to 440,000 from the previously reported 444,000. At 10:00 am ET, the Philadelphia Fed index is forecast to show a slight decline in manufacturing activity, and the Conference Board’s index of Leading Economic Indicators is expected to rise.
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