2010 July | Hornsby Energy Trading

Futures on the Dow Jones Industrial Average dropped 40 points to 10369. S&P 500 futures fell 5.70 points to 1091.30 and Nasdaq 100 futures declined 8.50 points to 1848.70.

Futures on the Dow Jones Industrial Average dropped 40 points to 10369. S&P 500 futures fell 5.70 points to 1091.30 and Nasdaq 100 futures declined 8.50 points to 1848.70.

The Dow fell 0.3% on Thursday, dropping for a second session.

The Dow fell 0.3% on Thursday, dropping for a second session.

Asian stocks ended mostly lower Friday, with Japan’s Nikkei Stock Average dropping 1.6%. The Stoxx Europe 600 index fell 0.5% in late morning trade following a flood of earnings news from major French firms.

Asian stocks ended mostly lower Friday, with Japan’s Nikkei Stock Average dropping 1.6%. The Stoxx Europe 600 index fell 0.5% in late morning trade following a flood of earnings news from major French firms.

The Commerce Department will release its estimate for second-quarter gross domestic product at 8:30 a.m., EDT. Economists expect growth to slow a bit to a 2.5% rate in the April-June quarter, compared to 2.7% growth in the first quarter.

The Commerce Department will release its estimate for second-quarter gross domestic product at 8:30 a.m., EDT. Economists expect growth to slow a bit to a 2.5% rate in the April-June quarter, compared to 2.7% growth in the first quarter.

”Watch today’s numbers and also watch out for the annual revisions that are released,” Deutsche Bank strategists wrote in a note. “It could change a lot of perceptions about the shape of the recession and subsequent recovery.”

”Watch today’s numbers and also watch out for the annual revisions that are released,” Deutsche Bank strategists wrote in a note. “It could change a lot of perceptions about the shape of the recession and subsequent recovery.”

In addition to the GDP data, a report on business activity in the Chicago area will be released at 9:45 a.m., EDT, to be followed by data on July consumer sentiment.

In addition to the GDP data, a report on business activity in the Chicago area will be released at 9:45 a.m., EDT, to be followed by data on July consumer sentiment.

On the corporate front, oil major Chevron Corp. (CVX), pharmaceutical giant Merck Co. (MRK) and power firm Public Service Enterprise Group Inc. (PEG) will report quarterly results before the market opens.

On the corporate front, oil major Chevron Corp. (CVX), pharmaceutical giant Merck Co. (MRK) and power firm Public Service Enterprise Group Inc. (PEG) will report quarterly results before the market opens.

Oil giant Total SA (TOT) said second-quarter net profit soared 43% to EUR3.1 billion ($4.05 billion) and expressed confidence about the second half of the year.

Oil giant Total SA (TOT) said second-quarter net profit soared 43% to EUR3.1 billion ($4.05 billion) and expressed confidence about the second half of the year.

Its shares gained 1.7% in Paris, outperforming the CAC-40 index , which dropped 0.5% in intraday trading.

Its shares gained 1.7% in Paris, outperforming the CAC-40 index , which dropped 0.5% in intraday trading.

Car maker Renault SA (RNO.FR) swung to a first-half net profit, but warned about the uncertain economic outlook.

Car maker Renault SA (RNO.FR) swung to a first-half net profit, but warned about the uncertain economic outlook.

Shares of Alcatel-Lucent (ALU) rallied 8% as the telecoms-equipment giant reported in-line underlying earnings for the second quarter and forecast a stronger second half.

Shares of Alcatel-Lucent (ALU) rallied 8% as the telecoms-equipment giant reported in-line underlying earnings for the second quarter and forecast a stronger second half.

French power firm Electricite de France SA (EDF.FR) said it has received a GBP5.8 billion offer from a Hong Kong-based consortium for its U.K. electricity distribution networks.

French power firm Electricite de France SA (EDF.FR) said it has received a GBP5.8 billion offer from a Hong Kong-based consortium for its U.K. electricity distribution networks.

In London, shares of British Airways PLC (BAIRY, BAY.LN) gained 2.6% after the airline said its fiscal first-quarter net loss widened to GBP122 million ($190.5 million), but it was still ahead of consensus forecasts. The firm still expects to break even for the year on a pre-tax basis.

In London, shares of British Airways PLC (BAIRY, BAY.LN) gained 2.6% after the airline said its fiscal first-quarter net loss widened to GBP122 million ($190.5 million), but it was still ahead of consensus forecasts. The firm still expects to break even for the year on a pre-tax basis.

In the currency markets, the dollar index gained 0.2% to 81.806, while the euro fell 0.5% to $1.3007.

In the currency markets, the dollar index gained 0.2% to 81.806, while the euro fell 0.5% to $1.3007.

Crude-oil futures dropped 64 cents to $77.72 a barrel in electronic trading on the New York Mercantile Exchange. Gold futures were little changed at $1,168.70 an ounce.

Crude-oil futures dropped 64 cents to $77.72 a barrel in electronic trading on the New York Mercantile Exchange. Gold futures were little changed at $1,168.70 an ounce.