NEW YORK (CNN/Money) -
Stocks headed for a weaker start Friday, contributing to what has been a gradual decline throughout the week, despite a better-than-expected revised reading on GDP before the open and amid anticipation of consumer sentiment data.
Just after 8:35 a.m. ET, futures signaled a lower start for the major indexes.
The final reading of second-quarter gross domestic product came in at an annual growth rate of 3.3 percent, up from the 3.1 percent revised figure issued in August and better than economists' expected reading of 3.1 percent, according to a survey by Briefing.com.
Just after the opening bell, the University of Michigan's revised consumer sentiment index for September is due. It's expected to bump up to 88.5 from the 88.2 figure reported two weeks ago.
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For details of Thursday's trouncing, click above
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Recent economic reports have been mixed, at best, and traders have said investors are looking for stronger, more consistent signs of a recovery. September started out better than usual, but this week has proven difficult, so far, and the last few trading days could determine whether the month can buck its stereotype as a loser for stocks.
On the corporate front, some airlines could garner attention Friday. Credit Suisse First Boston raised its full-year 2003 earnings estimates for Delta Airlines (DAL: Research, Estimates), Continental Airlines (CAL: Research, Estimates), Southwest Airlines (LUV: Research, Estimates) and AMR (AMR: Research, Estimates), parent company of American Airlines.
Meanwhile, Banc of America Securities upgraded Dow component 3M (MMM: Research, Estimates) to "buy" from "neutral." Shares of the conglomerate jumped 46 cents to $141.61 Thursday.
Goldman Sachs and Smith Barney cut their 2004 earnings outlook for Eastman Kodak (EK: Research, Estimates) a day after the company said it would cut its dividend by 70 percent and shift its business away from film and toward digital photography and ink-jet printers. Kodak fell $4.84 to $22.15 Thursday.
Investors are also likely to eye Intel (INTC: Research, Estimates) after J.P. Morgan said it upgraded the chipmaker to "neutral" from "underweight." Shares of Intel were little changed in pre-market trading on Instinet.
Among other U.S. stocks trading in Europe, AOL Time Warner (AOL: Research, Estimates) fell 1 percent. The company's America Online service said it will launch interactive games that can be played while using its instant messenger software. AOL Time Warner is the parent of CNN/Money.
The Dow Jones industrial average and the Nasdaq composite index are both deep in the hole going into the week's final session. The Dow is down more than 251 points after Thursday's 0.9 percent loss, while a gain for the week would require the Nasdaq to recapture more than 88 points; it lost 1.4 percent Thursday (see chart for details).
Asian-Pacific stocks ended mixed Friday, with Tokyo's Nikkei index up 0.1 percent. European markets were lower in afternoon trading there. (Check the latest on world markets)
Treasury prices were mixed in early trading, with the 10-year note yield holding at 4.08 percent from late Thursday. The dollar lost ground against the yen and the euro.
Brent oil futures retreated 14 cents to $26.67 a barrel in London, where gold backed off the 7-year highs reached Thursday.
Trading activity could lighten late in the session, as market participants who are Jewish head home early for the Rosh Hashanah holiday.
-- from staff and wire reports
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