US Stock Futures Move Up On Fresh Optimism

US stock futures moved up with investors expecting first quarter GDP to support the positive outlook delivered by several companies during the earnings season. Moreover, hopes have risen of an aid package for Greece being finalized by the end of the weekend. While futures on the S&P 500 added 1.5 points to 1206.80, those on the Nasdaq 100 added 3.75 points to 2044.70. Meanwhile, Dow Jones Industrial Average futures climbed 14 points.

Investors today are awaiting US GDP data at 8:30 a.m EDT. The data is expected to show a gradual rise in GDP over the fourth quarter. The market is expecting US real GDP to have grown at a 3.2% seasonally adjusted annual rate in the first three months of the year, down from 5.6% in the fourth quarter. Economist Peter D'Antonio of Citigroup Global Markets said in his note to clients, “The economy is gradually laying the foundation for a sustainable recovery.”

Stocks that will be in focus today are Goldman Sachs Group Inc (NYSE: GS), Barclays PLC (NYSE: BCS), BP PLC (NYSE: BP) and IntercontinentalExchange Inc (NYSE: ICE). GS fell nearly 4% in early premarket trade following reports of federal prosecutors conducting a criminal investigation into the firm. BCS lost as the group's fixed income division failed to match that of its peers. Meanwhile, ICE is buying Climate Exchange PLC for roughly $600 million in cash.

Greek stocks extended gains today, with the ASE Composite moving up 1.3%. The euro is also advancing amid reports of Greece agreeing to a €24 billion austerity package in exchange for joint aid from the International Monetary Fund and the Eurozone. Asian markets were also generally stronger today.

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