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Wall Street stocks were poised to start the month higher, with futures up on Monday after last week's soft growth data reduced bets for a Federal Reserve interest-rate hike in the near term. U.S. GDP grew 1.2 percent in the second quarter of 2016, an improvement from the first quarter's 1.1 percent gain, but well below the 2.6 percent economist expectation.
"Q2 U.S. GDP was certainly disappointing, but strong consumer spending still gives reason for cautious optimism," said Drivewealth Head Market Strategist Brian Dolan. "Continued declines in business spending and investment seem most likely to continue in light of the political uncertainty accompanying the U.S. election season."
Dolan said that while the number will likely be revised higher in the coming months, it "reinforces the Fed's cautious stance and increasingly makes a September rate hike highly unlikely."
Oil prices traded lower as Brent crude futures fell 1.45 percent to trade at $42.90 per barrel, while US WTI crude futures also fell 1.39 percent to trade at $41.02 a barrel.
BZ News Desk Focus
Two of the largest telephone and broadband internet services providers in the US are among those companies expected to take their turns on the earnings stage this week. However, expectations on Wall Street are very different for Centurylink (NYSE:
Other companies that analysts
The Markit manufacturing PMI for July will be released at 9:45 a.m. ET.
The ISM manufacturing index for July is schedule for release at 10:00 a.m. ET.
Data on construction spending for June will be released at 10:00 a.m. ET.
The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
Sell-Side's Most Noteworthy Calls
RBC downgraded Royal Dutch Shell (NYSE:
Barclays downgraded Harley-Davidson (NYSE:
JPMorgan upgraded Costamare (NYSE:
Citi initiated Etsy (NASDAQ:
Last year, China's ride-hailing leaders Didi and Kuaidi joined forces, creating a homegrown juggernaut to fight off Uber. The merged company Didi Chuxing brought together backers Alibaba (NYSE:
A consortium, including an affiliate of Shanghai Giant Network Technology and private equity firm Yunfeng Capital, founded by Alibaba's Jack Ma, announced Saturday it has entered into a definitive agreement with Caesars Interactive Entertainment (NASDAQ:
In The News
Donald Trump's campaign is pushing to reschedule two of the presidential debates set for this fall, but the Commission on Presidential Debates, the nonpartisan group responsible for scheduling, is standing firm. The campaign is concerned that two of the three presidential debates are set to take place on the same nights as nationally televised NFL games.
Chronically low crude prices are disrupting a
SCTY TSLA PN MCRB EBIX PEG GWR UWTI QGEN MTU FTR GSK COF ARIA VIAB DIS
A new #HarryPotter play that opened to swooning reviews and delighted gasps from the audience marks the end of the journey for the beloved boy wizard, his creator J.K. Rowling said at the play's premiere in London on Saturday.
Billed as the eighth installment in the series, the play "Harry Potter and the Cursed Child" and a book based on its script have helped awaken a new wave of Pottermania five years since the previous episode was made into a movie. Fans crowded bookstores for the midnight release of the book.
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