Dow Stocks Set To Rebound
(CNN) -- Stocks are set to rebound Friday, as the US economy slowed less than expected in the second quarter.
The economy expanded at a pace of 2.1% between April and June, compared with the consensus estimate of 1.8%, according to a survey conducted by Refinitiv. Nevertheless, GDP came down from 3.1% in the first quarter.
Stock futures pared some of their earlier gains after the data report. Strong economic data could endanger next week's expected and highly anticipated Federal Reserve interest rate cut. A strong economy won't need to get a boost from looser monetary policy.
Futures for the Dow are up 0.2%, inching back from previous highs. Those for the S&P 500 and the Nasdaq Composite are both up 0.2%, also having pulled back slightly.
The yield on 10-year US Treasuries bounced higher to 2.0948% and the US dollar, measured by the ICE US Dollar Index, held on to its 0.1% gain.
Meanwhile earnings season continues to roar on. Twitter and McDonald's both reported before the bell, showing an increase in users for the social media platform and better-than-expected results for the fast-food chain.
Late Thursday, internet giants Google and Amazon reported earnings. Google parent Alphabet beat estimates, while Amazon ended four consecutive quarters of record profits.
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