* Q2 advance gross domestic product report on tap
* Chevron to announce second quarter results
* Futures down: S&P 5.3 pts, Dow 35 pts, Nasdaq 5.75 pts
* For up-to-the-minute market news see []
(Adds byline and quote; updates prices)
By Angela Moon
NEW YORK, July 30 (Reuters) - U.S. stock index futures
slipped on Friday as investors turned cautious ahead of a
report expected to show slowing growth in the U.S. economy in
the second quarter.
The Commerce Department's gross domestic product (GDP)
report, the first estimate of economic growth for the
April-June period, is due at 8:30 a.m. (1230 GMT)
The data is expected to show growth slowing in the second
quarter as a capital investment drive by business was sated by
imports and consumer spending tapered off. For details, see
[]
Investors have been rattled by disappointing data recently,
and more are talking about the possibility of a double-dip
recession.
"The fear of a double-dip recession is pretty much alive in
the market now. If the GDP comes in line with expectations,
that might alleviate some of the fear, but if it doesn't, that
could be concerning," said Peter Cardillo, chief market
economist at Avalon Partners.
The consensus forecast from a poll of economists by Reuters
sees second-quarter GDP growth at 2.5 percent.
Other data on tap include the Chicago PMI for July at 9:45
a.m. and a final July reading of the Reuters/University of
Michigan consumer sentiment index at 9:55 a.m. Economists in a
Reuters survey expect a lower reading of 56.5 for the Chicago
business barometer index and a slight rise to 67 for the
consumer sentiment index.
S&P 500 futures <SPc1> fell 5.3 points and below fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures <DJc1> fell 35
points and Nasdaq 100 futures <NDc1> lost 5.75 points.
Drugmaker Merck & Co <MRK.N> reported second-quarter
earnings of 86 cents a share, above Wall Street's consensus
forecast of 83 cents. Insurance brokerage Aon Corp. <AON.N>
also posted results ahead of the average analyst estimate.
Oil company Chevron Corp <CVX.N> is expected to post
results later on Friday.
MetLife Inc <MET.N>, the biggest U.S. life insurance
company, reported a second-quarter profit of $1.53 billion late
Thursday, helped by higher revenue from sales domestically and
abroad. []
New York's attorney general has subpoenaed MetLife and
Prudential Financial Inc <PRU.N> as part of a probe into
whether life insurers are defrauding families of deceased
military personnel by siphoning off millions of dollars of
death benefits for themselves. []
Amgen Inc <AMGN.O> reported better-than-expected
second-quarter profit late on Thursday, and the world's largest
biotechnology company said the launch of its new osteoporosis
drug, Prolia, was progressing as planned. []
Walt Disney Co <DIS.N> has sold film studio Miramax for
more than $660 million to Filmyard Holdings LLC, ending months
of talks between the media group and various bidders.
[]
Li Lu, a Chinese-American investor and hedge fund manager,
could be in line to take a top investment role at Warren
Buffett's Berkshire Hathaway Inc <BRKa.N> <BRKb.N> and even
succeed the legendary U.S. investor, the Wall Street Journal
reported on Thursday.
The S&P 500 fell for a third straight day on Thursday and
ran into resistance around its 200-day moving average as
investors searched for a catalyst to take stocks higher.
(Reporting by Angela Moon; Editing by Padraic Cassidy
