Stock futures mixed with GDP, Robinhood IPO on tap

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U.S. stock futures were mixed ahead of the release of second-quarter gross domestic product. 

Dow Jones Industrial Average futures rose 121 points, or 0.35%, while S&P 500 futures ticked up 0.14% and Nasdaq 100 futures fell 0.21%. The choppy trade comes a day after markets closed mixed following the Federal Reserve’s decision to keep policy on hold while reiterating its belief that inflation remains transitory. 

U.S. GDP is expected to have grown in the second quarter at an 8.5% seasonally adjusted annualized rate, according to analysts surveyed by Refinitiv. The economy posted 6.4% growth in the first quarter. 

In stocks, Robinhood Markets Inc. priced the 55 million shares sold in its initial public offering at $38 apiece, the lower end of its marketed range. The IPO will raise $2.1 billion, giving the trading app company, which trades under the ticker HOOD, a market value of nearly $32 billion. 

ROBINHOOD PRICES IPO AT $38 PER SHARE RAISING $2B

Facebook Inc. reported earnings and sales that exceeded Wall Street estimates, but warned revenue growth would slow due to tough comparisons. On the company’s quarterly earnings call, CEO Mark Zuckerberg said Facebook will in the coming years transition from a social media company into a metaverse company. 

Ford Motor Co. posted a surprise quarterly profit and raised its earnings guidance as the chip shortage has caused the automaker to focus on higher-margin vehicles. 

Amazon Inc. will release its quarterly results after Thursday’s closing bell. 

Elsewhere, SoftBank Group is selling 45 million Uber Technologies shares in order to cover losses in its Didi Global and Alibaba, according to CNBC. 

Didi Global surged after a separate report said the ride-hailing company was considering going private to appease Chinese authorities. Didi, which called the report a "rumor," went public on the New York Stock Exchange on June 30.

In commodities, West Texas Intermediate crude oil rose 15 cents to $72.54 a barrel and gold jumped $21.60 to $1821.30 an ounce. 

Overseas markets were in rally mode. 

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In Europe, Britain’s FTSE 100 advanced 0.96%, France’s CAC 30 climbed 0.82% and Germany’s DAX 30 edged up 0.49%. 

Hong Kong’s Hang Seng index paced the gains in Asia, surging 3.3%, while China’s Shanghai Composite index and Japan’s Nikkei 225 traded up 1.49% and 0.73%, respectively. 

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