Wall Street set for tepid open after strong GDP data
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US economic growth regains steam in Q2; inflation slows
Ford slumps as higher costs, EV unit dent profit growth
IBM gets lift from software, AI demand as consulting slips
American Airlines drops after FY profit forecast cut
Futures: Dow up 0.11%, S&P 500 and Nasdaq flat each
Updated at 8:52 a.m. ET/ 1252 GMT
By Ankika Biswas and Lisa Pauline Mattackal
July 25 (Reuters) - The Nasdaq and S&P 500 were set to open flat on Thursday after futures largely reversed their losses as investors drew comfort from a stronger-than-expected GDP growth.
Data showed the U.S. economy expanded 2.8% in the second quarter versus estimates of 2%, but inflation subsided, leaving intact expectations of a September rate cut.
Separate reports showed durable goods orders fell sharply by 6.6% in June, versus the 0.3% rise expected by economists polled by Reuters. Weekly jobless claims came in at 235,000, lower than the anticipated 238,000.
"The growth rate was higher than we were looking for, but the good news is that the economy expanded as consumers spent more as inflation dropped in the second quarter," said Peter Cardillo, chief market economist at Spartan Capital Securities.
"This is a good sign in terms of the economy."
Bets of a 25-basis-points cut in September were steady at 78%, although lower than the 90% from the previous day, as per CME's FedWatch Tool.
Market participants are also pricing in at least two rate cuts by December this year, according to LSEG data.
The personal consumption expenditures (PCE) price index data, due on Friday, will be a crucial test for bets of an early start to Federal Reserve rate cuts after the recent trend of easing inflation and some weakness in the labor market.
At 8:52 a.m. ET, Dow e-minis 1YMcv1 were up 43 points, or 0.11%, S&P 500 e-minis EScv1 were down 1.25 points, or 0.02%, and Nasdaq 100 e-minis NQcv1 were down 1.75 points, or 0.01%.
Lackluster earnings from Alphabet GOOGL.O and Tesla TSL.O soured investor sentiment towards megacaps on Wednesday, knocking back thehigh-momentum 'Magnificent Seven' group of tech stocks.
All three major Wall Street indexes closed at multi-week lows, with the Nasdaq ending 3.6% lower.
Megacaps were mixed in premarket trading on Thursday.Apple AAPL.O, Nvidia NVDA.O, Tesla and Alphabet<GOOGL.O> were down 0.4% and 0.6%, while Amazon.com AMZN.O was up 1.2%.
While the group of heavyweightstocks has poweredthe stock market to all-time highs this year,Wednesday's selloff following the first set of second-quartertech earnings was a wake-up call for investors, adding weight to fears thatthese stocks might be over-stretched and in for more turbulence.
Futures tracking the Russell 2000 <RTYcv1> edgedup 0.1 afterthe small-cap index <.RUT>slumped over 2% in Wednesday's broad-based market decline, even as investors now see more value in shifting to lagging sectors.
Wall Street's "fear gauge" CBOE market volatility index .VIX also eased, but hovered around its highest since April 19 hit in early trade.
Semiconductor stocks also broadly fell, led by a10.6% tumble in Teradyne TER.O after the chip-testing equipment makerforecast lower-than-expected third-quarter revenue.
Ford F.N slumped13.7% after the automaker's second-quarter adjusted profit missed estimates by a wide margin, while American Airlines AAL.O dropped3.1% after cutting itsannual profit forecast.
IBM IBM.N climbed 3.4% after beating second-quarter revenue estimates and raising its annual growth forecast for its software business.
KLA KLAC.O rose 1.6% after forecasting revenue and profit for its fiscal first quarter above expectations, while Edwards Lifesciences EW.N slumped 22.7% after missing second-quarter revenue estimates.
S&P500 breaks calm streak with 2%+ drop https://tmsnrt.rs/3A8anwg
Reporting by Ankika Biswas and Lisa Pauline Mattackal in Bengaluru; Editing by Savio D'Souza and Saumyadeb Chakrabarty
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