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Futures Static as GDP Report Surfaces

S&P 500 futures were little changed on Thursday morning as investors readied for the fourth-quarter gross domestic product report and pored through the latest earnings reports.

Futures for the Dow Jones Industrials index ducked 12 points to 37,967.

Futures for the S&P 500 eked up 3.25 points, or 0.1%, at 4,901.25.

Futures for the NASDAQ took on 29 points, or 0.1%, to 17,650.

Tesla slumped nearly 9% in the premarket after the electric vehicle maker posted disappointing fourth-quarter results and warned of lower vehicle volume growth for 2024. Shares of IBM soared more than 6% after the technology company posted adjusted earnings and revenue that beat analysts’ predictions.

Multiple airline stocks moved in premarket trading in response to their respective financial releases. American gained more than 4%, while Southwest and Alaska advanced more than 1%.

More than 16% of S&P 500 companies that have reported financials this earnings season, according to FactSet. About seven out of every 10 of those have surpassed Wall Street expectations, FactSet data shows.

The U.S. economy expanded by 3.3% in the fourth quarter, easily surpassing expectations. Economists polled by Dow Jones had forecast the economy grew by 2% in the fourth quarter.

In Japan, the Nikkei 225 eked up 10 points Thursday, while in Hong Kong, the Hang Seng Index soared 2%.

Oil prices gained 90 cents to $75.99 U.S. a barrel.

Gold prices slid $4.90 to $2,011.10 U.S. an ounce.

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