US pre-open: Stocks seen flat as investors eye Q4 GDP data

US futures pointed to a flat open on Wall Street as investors turned their attention to some key economic growth figures and a slew of corporate releases following three days of gains.

At 1115 GMT, Dow Jones Industrial Average, S&P 500 and Nasdaq futures were all unchanged.

Meanwhile, oil prices retreated, with West Texas Intermediate down 0.8% to $53.33 a barrel and Brent crude off 1.1% to $55.61.

Jamieson Blake, retail sales manager at ADS Securities, said: “The Q4 GDP flash will be under a degree of scrutiny and slowing is forecast here, so assuming we see nothing that might panic the Federal Reserve into accelerating the pace of rate hikes, this should be supportive for stocks. More importantly perhaps will be durable goods order data for December and given the roust earnings we’ve seen printed of late from many of the big US industrial companies, expectations are running high that a respectable print will be seen here, too. Even at these inflated levels, the downside risk for stocks in the short term seems to be limited.

“At 6pm GMT there’s a joint press conference scheduled between UK PM Theresa May and President Trump, so this will be under a degree of scrutiny - although it’s perhaps more likely that sterling will end up being the asset to watch here.”

The first release of fourth-quarter gross domestic product figures is at 1330 GMT, along with personal consumption expenditure and durable goods orders, while the Michigan consumer sentiment index is at 1500 GMT. Investors will also be eyeing the meeting between Trump and May for trade talks amid signs they are both keen to strengthen the ‘special relationship’ between the UK and the US.

On the corporate front, Google parent Alphabet was under the cosh after its fourth-quarter earnings late on Thursday fell short of expectations.

Starbucks was weaker in pre-market trade after its same-store sales on Thursday missed analysts’ expectations.

On the upside, software giant Microsoft Corp gained ground in pre-market trade after its second-quarter results late on Thursday surpassed forecasts.

Honeywell International, Colgate-Palmolive, Chevron Corp and American Airlines were among the companies slated to report before the open.