U.S. stock futures extended losses after a report showed economic growth was less than previously estimated in the third quarter.
Gross domestic product climbed at a 2 percent annual rate from July through September, less than projected and down from a 2.5 percent prior estimate, revised Commerce Department figures showed today in Washington. The median forecast was for no revision.
The congressional supercommittee’s failure to reach a deal means several tax programs, including a payroll tax holiday, risk expiring at the beginning of next year, weighing on the household spending that accounts for about 70 percent of the world’s largest economy.
S&P reaffirmed it would keep the U.S. credit rating at AA+ after stripping the government of its top AAA grade on Aug. 5. Moody’s Investors Service reaffirmed its AAA rating with a negative outlook. Fitch Ratings noted in a statement that it said in August that a supercommittee failure would probably result in a “negative rating action,” likely a revision of its outlook to negative, and that a review would be concluded by the end of this month.
World markets: Nikkei -0.40%, Hang Seng +0.14%, Shanghai Composite -0.10%, FTSE +0.07%, CAC -0.09%, DAX -0.65%.
Cride oil: $97.66 (+0,8%).Gold: $1690,70 (+0,7%).