Wall Street Sees Red

Early indications from U.S. Futures market suggest that Wall Street might open in a nervous mood on Friday. The market is closely watching the failure of the Obamacare repeal bill and the Russia’s order to reduce diplomatic staff in retaliation of the sanctions. Asian shares closed broadly down, while European shares are treading in the negative zone.

As of 6.45 am ET, the Dow futures were slipping 39 points, the S&P 500 futures were shedding 9.50 points and the Nasdaq 100 futures were slipping 49.75 points.

On the economic front, the Commerce Department’s Gross Domestic Product for the second quarter will be published at 8.30 am ET. The economists are looking for growth consensus of 2.6 percent, up from 1.4 percent in the prior quarter.

Employment Cost Index for the second quarter will be released at 8.30 am ET. The consensus is for growth of 0.6 percent, while it grew 0.8 percent in the prior quarter.

The Institute for Social Research of the University of Michigan’s Consumer Sentiment for July will be issued at 10.00 am ET. The forecasters are looking for 93.1 unchanged from the previous month.

The Baker Hughes North American rig count that tracks weekly changes in the number of active operating oil & gas rigs is expected at 1.00 pm. In the prior week, the North American Rig Count was 1156 and U.S. rig count was 950.

Minneapolis Federal Reserve Bank President Neel Kashkari will speak at a moderated Q&A at the Woodbury Area/St. Paul Chamber of Commerce event in Oakdale, Minnesota, with audience Q&A at 1.20 pm ET.

In the corporate segment, Barnes Group Inc. reported an increase in second quarter earnings to $0.81 per share from $0.63. Revenue for the quarter increased to $364.49 million from $306.69 million last year. The company projects full year earnings guidance in a range of $2.80 to $2.90 per share.

Iron Mountain Inc. (IRM), a storage and information management services company, said it has agreed to purchase MAG Datacenters, LLC, which operates Fortrust, a…

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