"U.S. stock futures are trading lower Friday ahead of the government's first look at how fast the economy expanded during Q3. Economists expect that the gross domestic product grew at a 2% annual rate during the quarter. There is also uncertainty heading into next week's midterm elections and speculation over the size of economic stimulus measures that the Federal Reserve is expected to provide. In corporate news, ITT Industries (NYSE:ITT) reported Q3 EPS of $1.08, topping consensus estimates of $0.99. Revenues in the quarter rose 0.1% to $2.6 billion, but came in short of consensus estimates of $2.71 billion. Merck (NYSE:MRK) reported Q3 EPS of $0.85, ex-items, topping consensus estimates of $0.82. Revenues in the quarter jumped 84% to $11.1 billion, and came in slightly short of consensus estimates of $11.23 billion. The Dow Jones Industrial Average (DJI) futures are trading 38.00 points below fair value, the S&P500 (INX) futures are trading 5.60 points below fair value, and the Nasdaq Composite (IXIC) futures are trading 4.75 points below fair value.
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