US STOCKS-Futures edge up after sell off; GDP on tap

Fri Sep 26, 2014 7:38am EDT
 
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* Futures up: Dow 26 pts, S&P 2 pts, Nasdaq 4.75 pts

By Chuck Mikolajczak

NEW YORK, Sept 26 (Reuters) - U.S. stock index futures were inching higher on Friday after major indexes suffered their biggest drop since July, ahead of data on economic growth and consumer optimism.

* Major indexes saw their biggest declines since July 31 on Thursday in a broad sell off, with the S&P 500 falling through a key technical support level, as Apple slumped and the dollar hit a four-year high.

* The S&P has dropped for four of the past five sessions and closed below its 50-day moving average for the first time since Aug 15. That level had previously served as support, and a protracted period underneath it could signal further losses.

* Economic data due includes a final reading of gross domestic product growth in the second quarter at 8:30 a.m. (1230 GMT). Expectations call for expansion of 4.6 percent versus the prior reading of 4.2 percent.

* Later in the session at 9:55 a.m. (1355 GMT), investors will eye the Thomson Reuters/University of Michigan's final September reading on consumer sentiment. The current estimate stands at 84.7 versus a preliminary reading of 84.6.

* Nike shares were trading up 7.2 percent to $85.50 before the opening bell after the world's largest sportswear maker reported a better-than-expected quarterly profit.

* Micron Technology shares were climbing 6.2 percent to $33.65 in premarket after the memory chipmaker posted fiscal fourth-quarter results and a revenue outlook that impressed Wall Street.   Continued...