S&P 500 futures popped about 7 points as the initial Q3 GDP showed growth of 3.5 percent, above consensus of 3.2 percent. Also helping: continuing jobless claims fell to their lowest levels in seven months.
Australia and Norway raised rates.
1) ExxonMobil trading down about 3 percent pre-open as earnings came in a bit light--$0.98 vs. $1.03 consensus. This is well below the $2.39 they reported for the same period last year, but remember oil was well over $100 during that period.
Production was up 3 percent, a bit below expectations. Downstream (refining) was hurt by lower demand and poor margins, as it was difficult to raise gas prices despite oil prices moving up.
2) Procter & Gamble is up 2 percent after the consumer products maker's results topped estimates as a nearly 3 percentage point improvement in margins helped. While Q3 volumes were still down 3 percent from a year ago, higher prices helped organic sales grow 2 percent (notably higher than the firm's prior expectations of flat to negative 3 percent).
The Dow component currently has a "higher expectation for market growth" and boosts its 2010 organic sales growth to 2 percent-4 percent from 1 percent to 3 percent.