Indications: U.S. futures steady as GDP cut, reform deal struck

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By Steve Goldstein, MarketWatch

LONDON (MarketWatch) -- U.S. stock futures Friday veered between slight gains and losses, with gains from the banking sector on relief over a sweeping financial services bill checked by a downward revision to first-quarter GDP.

S&P 500 futures rose 1.3 points to 1,071.80 and Nasdaq 100 futures were up a half point to 1,850.00. Futures on the Dow Jones Industrial Average rose 7 points.

The Commerce Department revised down for the second time its estimate of economic growth in the first three months of 2010, now seeing 2.7% annualized growth. The department had initially said the economy grew 3.2% from January to March, then said it had grown 3%.

Still to come is the University of Michigan's final consumer confidence reading for June.

Banks retained gains in premarket trade following the House and Senate agreeing on a package of sweeping reform that nonetheless carried easier restrictions, such as on derivatives sales, than had been floated. The bill still needs to be approved by both chambers and signed by the president.

In premarket trade, shares of leading banks including Goldman Sachs /quotes/comstock/13*!gs/quotes/nls/gs (GS 136.86, +1.88, +1.39%) , Citi /quotes/comstock/13*!c/quotes/nls/c (C 3.83, +0.05, +1.35%) and Bank of America /quotes/comstock/13*!bac/quotes/nls/bac (BAC 15.25, +0.23, +1.50%) rose between 1% and 2%.

Research In Motion /quotes/comstock/15*!rimm/quotes/nls/rimm (RIMM 53.95, -4.63, -7.90%) fell nearly 6% as it reported a 20% rise in fiscal first-quarter profit and said it would buy back up to 31 million shares, though it didn't ship as many BlackBerrys as analysts had anticipated.

Oracle /quotes/comstock/15*!orcl/quotes/nls/orcl (ORCL 22.77, +0.55, +2.45%) , the business software giant, rose over 4% after it reported a stronger-than-forecast 25% rise in fiscal fourth-quarter profit. Oracle said new software license sales rose 14%.

BP /quotes/comstock/13*!bp/quotes/nls/bp (BP 27.83, -0.91, -3.17%) slumped 4%. The oil giant said total costs of cleaning the Gulf of Mexico oil spill reached $2.35 billion, as analysts at Nomura suggested the company needs to raise money by selling stock to assure sufficient funding.

The Stoxx Europe 600 fell 0.3% in early afternoon trade, while the Nikkei 225 dropped 1.9% in Tokyo.

Oil futures turned 21 cents a barrel higher, and the euro /quotes/comstock/21o!x:seurusd (CUR_EURUSD 1.2297, -0.0029, -0.2353%) fell slightly.

Steve Goldstein is MarketWatch's London bureau chief.

NYSE Arca Morning Update - 08:30:00 ET

NYSE Arca Morning Update for Friday, Jun 25, 2010 :

STOCKS TRADING ON NYSE Arca AT A PRICE 15% OR MORE AWAY FROM
THE PREVIOUS TRADE DAY'S CONSOLIDATED CLOSE PRICE (AS OF 08:30:00 ET)

Stock Thursday's Close Current Price Pct Change Current NYSE ARCA Vol
No symbols with at least a 15% price change today

10 MOST ACTIVE STOCKS ON NYSE ARCA AS OF 08:30:00 ET

BASED ON DOLLARS TRADED: | BASED ON SHARES TRADED:
Stock $ Volume Price PctChg | Stock Share Vol Price PctChg
SPY $85,713,607 $107.71 0.3% | C 5,987,715 $3.84 1.6%
BP $39,698,863 $27.75 ( 3.5%) | BANR 1,526,400 $2.04 ( 1.0%)
C $22,996,111 $3.84 1.6% | BP 1,448,087 $27.75 ( 3.5%)
IWM $12,580,964 $63.70 0.3% | SPY 795,190 $107.71 0.3%
GLD $8,656,452 $122.32 0.9% | XLF 407,721 $14.44 1.4%
AAPL $7,520,141 $269.63 0.3% | BAC 346,050 $15.28 1.7%
XLF $5,915,170 $14.44 1.4% | SSN 227,905 $0.87 47.2%
JPM $5,880,456 $38.60 1.6% | FAZ 206,372 $15.42 ( 3.4%)
QQQQ $5,827,611 $45.50 0.4% | IWM 197,522 $63.70 0.3%
BAC $5,286,460 $15.28 1.7% | FAS 195,407 $22.01 3.4%

Price changes may be affected by symbol splits and dividends.

Consolidated close price is the last print (excluding prints with trade
conditions) prior to 4PM ET.

This information is also updated on our web page every morning at 8:35ET:
http://www.tradearca.com/data/volume/daily_update.asp

This material is for informational purposes only.
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Indications: U.S. stock futures down as bank reform deal met

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By Steve Goldstein, MarketWatch

LONDON (MarketWatch) -- U.S. stock futures declined Friday as Congressional negotiators reached agreement on sweeping reforms intended to reduce the chances of another banking sector implosion.

S&P 500 futures sipped 3 points to 1,067.50 and Nasdaq 100 futures fell 8.75 points to 1,840.70. Futures on the Dow Jones Industrial Average fell 27 points.

U.S. stocks suffered through a rocky session Thursday, with the Dow Jones Industrial Average retreating 145 points on a day when 30-year mortgage rates fell to their lowest point in nearly 40 years. Worries about the health of the housing market as well as financial and energy reform weighed.

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In the early hours of Friday, Senate and House negotiators reached a deal on bank sector legislation, with the deal loosening some of the tougher restrictions that had been proposed. Nonetheless, the bill which still needs to be voted on by the full House and Senate would craft new consumer protections, install new capital and leverage limits on large banks as well as limit proprietary trading activities.

Bank reform globally also is in the spotlight ahead of this weekend's G-20 event in Toronto. A committee of banking regulators will pare back some of its planned rules to force banks to set aside billions of dollars of extra capital, the Financial Times reported Friday.

In very thin premarket trade, Goldman Sachs /quotes/comstock/13*!gs/quotes/nls/gs (GS 134.98, -0.09, -0.07%) shares edged up 1%.

Research In Motion /quotes/comstock/15*!rimm/quotes/nls/rimm (RIMM 58.59, -1.05, -1.76%) may be active as it reported a 20% rise in fiscal first-quarter profit and said it would buy back up to 31 million shares, though it didn't ship as many BlackBerrys as analysts had anticipated.

Oracle /quotes/comstock/15*!orcl/quotes/nls/orcl (ORCL 22.22, -0.46, -2.03%) , the business software giant, reported a stronger-than-forecast 25% rise in fiscal fourth-quarter profit. Oracle said new software license sales rose 14%.

BP /quotes/comstock/13*!bp/quotes/nls/bp (BP 28.74, -0.93, -3.13%) slumped in London trade. The oil giant said total costs of cleaning the Gulf of Mexico oil spill reached $2.35 billion, as analysts at Nomura suggested the company needs to raise money by selling stock to assure sufficient funding.

On the economic calendar, the third release of first-quarter U.S. GDP is due, as is the final reading of the University of Michigan's June consumer sentiment index.

The Stoxx Europe 600 fell 0.5% in late morning trade, while the Nikkei 225 dropped 1.9% in Tokyo.

Oil futures edged 40 cents a barrel lower, and the euro /quotes/comstock/21o!x:seurusd (CUR_EURUSD 1.2281, -0.0045, -0.3651%) fell 0.5% to $1.2268.

Steve Goldstein is MarketWatch's London bureau chief.