(Kitco News) – Global stock markets were mostly weaker overnight. U.S. stock indexes are also pointed to lower openings when the New York day session begins. The near-term technical postures for the U.S. stock indexes are starting to deteriorate. Bearish weekly low closes on Friday would begin to suggest the indexes have put in near-term tops.
Gold prices are trading slightly lower in pre-U.S.-session action, on a mild corrective pullback from good gains Thursday that pushed the yellow metal to a six-week high.
The marketplace is awaiting the U.S. second-quarter advance gross domestic product (GDP) report, due out at 8:30 a.m. EDT Friday morning. Forecasts are calling for GDP growth of 2.7% in 2Q, year-on-year, versus the first-quarter reading of up 1.4%.
In overnight news, the Eurozone economic sentiment index for July came in at 111.2 versus 111.1 in June. The July reading is a 10-year high. The report helped support gains in the Euro currency, which on Thursday hit a two-year high.
The U.S. dollar index is weaker in early U.S. trading Friday. The index hit a 13-month low on Thursday. The other "outside market" sees Nymex crude oil futures slightly higher. Prices Thursday hit a six-week high. Friday's U.S. rig count number could be a market-mover for oil.
Other U.S. economic data due for release Friday includes the employment cost index and the University of Michigan consumer sentiment survey.
By Jim Wyckoff, contributing to Kitco News; [email protected]