STOCK MARKET NEWS: Futures rise ahead of GDP report, Meta shares plunge

U.S. equity futures traded higher ahead of a closely watched update on the economy.

The major futures indexes suggest a gain of 0.4% when the opening bell rings on Wall Street.

Oil prices were stable on Thursday despite fears over China demand.

U.S. West Texas Intermediate (WTI) crude traded around $87.00 a barrel.

Brent crude futures traded around $95.00 a barrel.

Forecasters expect U.S. government data to show the economy grew in the three months ending in September after two quarters of contraction.

Other reports due will measure jobless claims and durable goods.

The yield on the 10-year Treasury, or the difference between the day’s market price and the payout at maturity, was at 4.06%

The European Central Bank is expected to raise its key interest rate to a 13-year high.

Shares of Facebook’s parent company Meta were plunging 19% in premarket trading after the company reported a disappointing forecast.

The company expects fourth quarter 2022 total revenue to be in the range of $30-32.5 billion. Analysts on average expected revenue of $27.38 billion, according to Refinitiv data.

Third quarter revenue fell 4% to $27.7 billion

In Asia, the Nikkei 225 in Tokyo shed 0.3%, the Hang Seng in Hong Kong jumped 1.3% and China’s Shanghai Composite Index lost 0.2%.

On Wall Street, the S&P 500 index fell 0.7% to 3,830.60, breaking three days of gains after Microsoft and the parent companies of Google and Facebook reported weaker-than-expected profit or revenue.

The tech-heavy Nasdaq composite dropped 2% to 10,970.99. The Dow Jones Industrial Average ended little changed, gaining 2.37 points to 31,839.11.

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