US futures up ahead of GDP data

Futures on major U.S. stock indices remained range-bound on Friday ahead of economic data including key GDP figures from the government.

Futures on the S&P 500 are up 0.57 percent, futures on the Dow Jones Industrial Average are up 0.48 percent and Nasdaq100 futures are up 0.68 percent

Investors are eagerly waiting for the GDP numbers to understand the current situation in the world’s largest economy.

The Commerce Department will release the second estimate for Gross Domestic Product for the fourth quarter of 2010 before markets open, where the GDP estimate is expected to be revised slightly higher to show that the U.S. economy expanded at an annualized rate of 3.3 percent during the October-December period, compared with earlier estimation of 3.2 percent.

Michigan Consumer Sentiment Index for February may rise to 75.4 from a preliminary reading of 75.1, and 74.2 at the end of January.

On the corporate front, Boeing Co. (NYSE:BA) shares surged 4.58 percent in pre-market trading session. The U.S. Air Force has awarded a $35-billion contract to Boeing Co. (NYSE: BA) to build a fleet of aerial fueling tankers in favor of its rival EADS (European Aeronautic Defense and Space Co.) ending a three-year epic battle.

The order calls for 179 airplanes, which Boeing is expected to assemble at its plant in Everett, Wash. And transport them for final fitting at its facility in Wichita, Kan.

U.S. stock markets ended mixed in a volatile session on Thursday as oil prices eased and encouraging job data helped the markets to stabilize in the final hours.

The euro declined 0.10 percent to 1.3785 against the dollar and the yen gained 0.02 percent against the greenback.

Crude oil futures advanced 0.47 percent to $97.74/barrel and gold futures declined 0.83 percent.

European stock markets are currently trading higher with FTSE 100 up by 14.41 points, DAX30 up by 31.44 points and CAC 40 up by 42.89 points.