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Pre-Market Primer: US Economic Data Falls Off a Cliff Before Spanish Budget Announcement


But stocks are still set to reverse the past week's losses.

MINYANVILLE ORIGINAL Futures drifted higher today, raising hopes that US stocks will reverse their five-day losing streak as investors await details on Spain's budget plans and digest a spate of awful economic data from the United States.

Dow (INDEXDJX:.DJI) futures gained 0.51% to 13,413.00, S&P 500 (INDEXSP:.INX) futures rose 0.57% to 1,435.10, and Nasdaq (INDEXNASDAQ:.IXIC) futures headed up 0.46% to 2,787.00.

Spanish Prime Minister Mariano Rajoy will begin a press conference on the country's budget at 9:00 a.m. EDT. His government is expected to make as much as 18 billion euros in austerity cuts demanded by the IMF, European Commission, and European Central Bank, the thousands of Spaniards calling for him to reverse his austerity stance or resign and a resurgent Catalan separatist movement notwithstanding. The government will also issue an estimate on capitalization requirements for its banks.

Today's news comes as the Castilla La Mancha region asked for a 848 million euro emergency loan from the Spanish government. This is the fifth region to ask for funds from Madrid.

America's GDP growth was cut to 1.3% in the second quarter of this year, according to the Federal Reserve's final estimate. This fell far short of economists' expectations and the previous estimate of 1.7%.

A separate report showed that orders of goods that should last a long period of time in the US declined by 13.2% in August. Economists expected durable goods order to decline by 5% after rising 4.1% in July.
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