US stock futures continue its advance

US stock futures kept on advancing today indicating S&P 500 index will raise for a second day as GDP data showed slower than forecast economy growth. The Q1 GDP report disappointed, advancing by only 1.8% comparing to the predicted 2.4%.

S&P 500 index futures expiring September increased by 0.6% to 1,590.60 at 9:07 a.m. in New York after the benchmark rebounded from a nine-week low for the first time yesterday. The S&P 500 has lost 2.6% in June, paring its advance in the second quarter to 1.2%. Contracts on the Dow Jones Industrial Average jumped 0.4%, to 14,752 today in early trade.

“Weaker economic numbers may be met with favor by the market because it can suggest that the Fed can slow the tapering process or not taper if the economy looks weaker than expected.” James Gaul, a portfolio manager said in a phone interview to Bloomberg.

Citigroup Inc. and Bank of America Corp. surged by at least 1%. Barrick Gold Corp. and Newmont Mining Corp. lost more than 2.6%, because of the precious metals decline which reached 3 year lows.

Apollo Group, the education provider reporting third quarter profit of $1.05 per share, which is 20 cents above estimates. Revenue came up short of consensus, as did full year revenue projections mostly, but Apollo did raise its yearly operating income projection.

Southwest Airlines were downgraded by Morgan Stanley to “underweight” from “equalweight”. Southwest shares are up about 30% year to date, but financial company thinks other airline stocks will perform better.

Netgear stocks were downgraded by Goldman Sachs to “sell” from “neutral”, pointing to a sharp decline in the companys networking products market.

Adobe Systems share rating was upgraded by Jefferies to “buy” from “hold” as the new “Creative Cloud” model of the company is shifting focus of the firm to a subscription model.

Pandoras shares were 5.24% up yesterday expanding year to date share price increase to 88.13%. Cowen and Co. upgraded the internet radio companys shares to “outperform” from “market perform”, explaining that Pandora has an increased opportunity for ad revenue, as its competitor Apples radio is struggling.

3M Co. the manufacturer of products ranging from Scotch tape to dental braces, reduced its annual earnings forecast after quarterly profit missed estimates for the first time in one and a half years amid a slowing global economy.