Wall Street set to open higher with U.S. GDP data in focus


Stocks poised to rise at opening bell

U.S. stocks are expected to climb north at the open as traders await the release of gross domestic product (GDP) data for the second quarter due at 8:30 a.m. ET.

Economists expect the data could show the U.S. economy grew at an annual pace of 1.8% during a period of slumping global growth.

As of 5:30 a.m. ET, futures on the blue-chip Dow rose 67.5 points, or 0.25% to 27,163.5. Futures on the tech-heavy Nasdaq 100 jumped were up 31.63 points, or 0.40% while those on broader S&P 500 climbed 8.12 points, or 0.27% to 3,014.62.

Apple pays $1 billion for majority of Intel’s smartphone-chip business

Intel Corp (NASDAQ: INTC) confirmed on Thursday that it has sold a majority of its smartphone-modem chip assets to Apple Inc (NASDAQ: AAPL) for $1 billion as the iPhone maker prepares to develop its own 5G modems.

Under the deal, Apple will acquire about 2,200 staff members as well intellectual property, leases, and equipment from Intel. This spring, Intel announced it would stop making modems, after Apple and Qualcomm Inc (NASDAQ: QCOM) settled a two-year-old dispute over patent infringement.

Intel shares rose 5.43% to $54.99 in premarket trading Friday, while those of Apple edged up 0.38% to $207.80.

Twitter, McDonald’s earnings on tap

Investors are preparing to learn how Twitter, Inc (NASDAQ: TWTR) and McDonald’s Corp (NYSE: MCD) performed in the second quarter. The two companies will release their quarterly results ahead of the opening bell today.

Phillips 66 (NYSE: PSX), Charter Communications, Inc (NASDAQ: CHTR), and biopharmaceutical company AbbVie Inc (NYSE: ABBV) are also scheduled to report before the bell.