Stock futures were higher, but trimming earlier gains ahead of Wednesday's open despite a cutback in first-quarter GDP growth estimates.
Dow futures were ahead 66 points. Nasdaq 100 futures traded up 20.25 points and S&P 500 futures were 9.5 points higher.
The stock market today opens in search of direction, with only mild losses so far this week. The S&P 500, the Nasdaq and the Dow were down 0.3% through Tuesday's close and sitting at the top of the week's trading range. All three indexes are well below their 50-day moving averages and the market remains in a correction.
Mortgage application activity decreased 3% last week, down for a fourth-straight week as interest rates posted their largest one-week increase since 2011, according to the Mortgage Bankers Association. Refinance applications slowed 5% to the lowest level since November 2011. New purchase applications increased 2%.
Estimates for first-quarter GDP growth were revised lower, to 1.8%, according to the Commerce Department, from a prior estimate of a 2.4% gain. Economists had projected no change for the latest estimate. The GDP price index edged up 1.2%, in line with the 1.1% initial estimate.
Discount store Five Below (FIVE) tumbled 5% in pre-market action after announcing late Thursday it would postpone a secondary stock offering. A company statement cited current capital market conditions. The stock has been fighting to hold support at its 10-week moving average. Shares have been consolidating since March after clearing an IPO base.
Touchpad and computer controller maker Synaptics (SYNA) bolted 13% ahead of the open. The Santa Clara, Calif.-based company late Tuesday raised its revenue outlook for the fiscal fourth quarter, which ends this month. The stock has declined for six straight weeks and is well below the 10-week average.
Leading stocks milled about in a narrowly mixed rage. Valeant Pharmaceuticals (VRX) topped the IBD 50 list with a 2% gain. Its four-week pullback stopped short of a test of 10-week support, ending Tuesday 19% above a flat base buy pint of 71.89.
Overseas, Europe's market leaned firmly higher with the CAC-40 in Paris up 2% and Frankfurt's DAX ahead 1.5% heading toward afternoon trade. In China, Hong Kong's Hang Seng index rebounded 2.4%, while the Shanghai Composite ended 0.4% lower. Tokyo's Nikkei 225 booked a 1% loss.
Gold mining issues and ETFs were taking a pounding in early action as gold futures slumped 3%. Oil was off a fraction, trading above $95 a barrel and up not quite 2% for the week.
Source: http://news.investors.com/investing-stock-market-today/062613-661439-stock-future-higher.htm
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