By Anora Mahmudova and Barbara Kollmeyer, MarketWatch

Second-quarter GDP growth revised higher

U.S. stock futures pointed to modest losses on Wall Street on Thursday as the initial euphoria over a preliminary agreement on oil output faded and crude prices drifted south.

Futures did not react to a number of economic reports, including the second revision to the second-quarter economic growth.

The U.S. economy grew (http://www.marketwatch.com/story/second-quarter-gdp-raised-to-14-from-11-2016-09-29)at a fractionally faster pace during spring, a government report said. Meanwhile, weekly jobless claims rose slightly (http://www.marketwatch.com/story/jobless-claims-rise-slightly-to-254000-2016-09-29), but remained at historically low levels.

Dow Jones Industrial Average futures were down 29 points, or 0.2% at 18,208, S&P 500 futures futures were off by 4 points, or 0.2% at 2,159. Nasdaq-100 index futures declined 9 points, or 0.2% to 4,859.

The S&P 500 index closed up 0.5% on Wednesday (http://www.marketwatch.com/story/us-stock-futures-inch-up-with-fed-speeches-opec-in-focus-2016-09-28), led by a 4.3% surge in the energy sector. The Organization of the Petroleum Exporting Countries reached an "understanding" over limiting crude production and is considering cutting output to between 32.5 million and 33 million barrels a day, The Wall Street Journal reported (http://www.marketwatch.com/story/opec-reaches-agreement-on-need-to-cut-oil-output-2016-09-29).

The price of West Texas Intermediate crude surged 5% on the news Wednesday, driving energy stocks higher. But oil prices drifted lower Thursday as doubts lingered over the details of the planned agreement. Crude futures were flat at $47.04 a barrel.

Read:Doubts linger over OPEC's preliminary deal on output (http://www.marketwatch.com/story/doubts-linger-over-opecs-preliminary-deal-on-oil-output-2016-09-28)

Oil prices are still facing a "major range boundary that mirrors broader consolidation trends in the financial sector," said John Kicklighter, chief currency strategist at DailyFX, in a note to clients.

"It will take more than a cap on supply from even this large producer of a vital commodity to change the sentiment of the entire financial system; and developing a trend independent of general congestion is fraught with danger," said Kicklighter.

While U.S. stock futures were trading within a narrow range, markets rallied across Asia and Europe and the Japanese yen fell (http://www.marketwatch.com/story/yen-pulls-back-dollar-higher-as-investor-appetite-for-risk-heats-up-2016-09-29) as oil-price gains triggered an appetite for riskier assets such as stocks. The yen is traditionally viewed as place to hide when investors fear economic or global uncertainty.

Busy day for economic data, Fed speakers: Initial jobless claims rose 3,000 to 254,000 in late September, but remained below 300,000 for 82 straight weeks, pointing to a steadily improving labor market.

Meanwhile, revised data suggest that the economy's performance in the spring was slightly better than expected, as business investment wasn't nearly as weak as previously reported. The gross domestic product grew a 1.4% pace in the second quarter.

The Fed lineup includes: Philadelphia Fed President Patrick Harker, who will speak on the economic and monetary policy outlook at a Global Interdependence Center event in Dublin, Ireland at 5 a.m. Eastern. Then Atlanta Fed President Dennis Lockhart will speak at the 2016 Future of Florida forum in Orlando at 8:50 a.m. Eastern.

Fed Gov. Jerome Powell will give a speech at the St. Louis Fed community banking research conference at 10 a.m. Eastern. Later, Minneapolis Fed President Neel Kashkari will participate in a town hall on economic development in Rapid City, South Dakota at 2 p.m. Eastern

Finally, Fed Chairwoman Yellen will take part in a videoconference for the Kansas City Fed at 4 p.m. Eastern.

Read:Government shutdown avoided after Congress passes short-term spending bill (http://www.marketwatch.com/story/government-shutdown-avoided-for-now-after-congress-passes-short-term-spending-bill-2016-09-29)

Stocks to watch:PepsiCo Inc.(PEP)(PEP)rose over 2% after the soft-drinks maker posted a jump in third-quarter profit. ConAgra Foods Inc.(CAG) shares rose 2% in Thursday premarket trading after the company swung to a first-quarter profit after a steep loss in the same period last year.

Costco Wholesale Corp.(COST) results are due after the closing bell.

Inter-Cellular Therapies Inc.(ITCI) shares plunged 65% in premarket trading over news of a disappointing performance in a clinical trial of its schizophrenia drug (http://www.marketwatch.com/story/intra-cellular-therapies-shares-plunge-68-after-study-results-2016-09-28).

(http://www.marketwatch.com/story/intra-cellular-therapies-shares-plunge-68-after-study-results-2016-09-28)EBay Inc.(EBAY) shares rose over 2% in premarket trading after Deutsche Bank reportedly upgraded shares to buy with a $40 per share price target.

(http://www.marketwatch.com/story/intra-cellular-therapies-shares-plunge-68-after-study-results-2016-09-28)Progress Software Corp.(PRGS) fell more than 9% in late trade after the software company missed fiscal third-quarter sales and earnings forecasts (http://www.marketwatch.com/story/progress-software-shares-fall-9-after-results-miss-targets-2016-09-28).

Pier 1 Inc.(PIR) shares rose 3% in late trade after posting narrower-than-expected losses (http://www.marketwatch.com/story/pier-1-shares-rise-on-narrower-than-expected-losses-2016-09-28).

Other markets: The Stoxx Europe 600 index rose 0.6%, led by banks and energy stocks. Asian markets (http://www.marketwatch.com/story/energy-related-stocks-help-rally-asia-markets-as-investors-cheer-opec-deal-2016-09-29) also performed well, led by a 1.38% close higher for the Nikkei 225 index , which was lifted by gains for exporters, energy companies and a weak yen.

Gold futures drifted lower, down 0.3% at $1,320 as the dollar inched higher. Dollar-priced assets tend to move inversely to the greenback.

(END) Dow Jones Newswires

September 29, 2016 08:59 ET (12:59 GMT)

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