Futures edge higher
The U.S. stock market is expected to open higher on Friday, after GDP data released overnight by China suggested its economy was stabilizing following a year of consecutive quarterly declines.
According to figures released by China’s National Bureau of Statistics, the Chinese economy expanded by 6.1% in 2019, from 6.6% in 2018.
Although this the weakest annual growth for China’s GDP in nearly three decades, the figure is still in line with the country’s own estimates. China had expected to post GDP growth of between 6% to 6.5%.
China’s economy is expected rebound this year as trade tensions with the U.S. continue cooling after the signing of their phase-one trade deal earlier this week.
As of 4:40 a.m. ET, the blue-chip Dow futures were up 70.5 points, or 0.24% to 29,310.5. The S&P 500 futures rose 6.62 points, or 0.20% to 3,323.12 while the tech-heavy Nasdaq 100 futures advanced 25.62 points, or 0.28% to 9,159.12.
Trump announces his intent to nominate Christopher Waller and Judy Shelton to the Fed board
Meanwhile, President Donald Trump has announced his intent to nominate economists Christopher Waller and Judy Shelton to the Federal Reserve’s seven-member Board of Governors, according to a statement released by the White House on Thursday.
The formal announcement comes barely six months after the president said he planned to include the two in the Fed’s influential Board of Governors. Both nominees will now move to the Senate for consideration, a process that could take months.
If approved, they will become members of an institution that has been under immense pressure from Trump for not cutting rates far enough. Board members usually weigh in on financial regulation and vote on the central bank’s interest rate policies.
Shelton has previously blasted the Fed’s policies and she is likely to support lowering interest rates. Waller is currently serving as the director of research at the Federal Reserve Bank of St. Louis.
NBCUniversal streaming service to launch July 15, will include ‘The Office’, ‘Parks and Recreation’
In other news, Comcast (NASDAQ: CMCSA) and NBCUniversal have pulled back the curtain on their highly anticipated streaming service dubbed Peacock, revealing important details about what content will be available on the platform, including Parks and Recreation, The Office and a ton of other NBC classics.
During an investor meeting on Thursday, Comcast – the owner of NBCUniversal – said Peacock will debut in the U.S. on July 15. The streaming service will be available in three tiers and only one of them will be ad-free.
Peacock Free tier will allow viewers to stream current seasons of NBC shows, news, movies, past series, and the 2020 Summer Olympics. Peacock Premium tier will be available for $4.99 a month for non-bundled customers.
Premium subscribers can upgrade to an ad-free experience for an additional $5.00 a month. They can also enjoy the ad-free experience by making a direct payment of $9.99 a month.