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Dow futures up 100 again after GDP, surprise BOJ decision

CNBC.com staff
Spencer Platt | Getty Images. U.S. stock index futures pointed to a mixed open on Tuesday morning as traders awaited a Federal Reserve meeting for further clues on monetary policy.

U.S. stock index futures indicated a higher open on Friday after the Bank of Japan unexpectedly adopted a negative interest rate policy .

Dow futures reclaimed an earlier rise of more than 100 points after the advance read on the fourth-quarter showed U.S. GDP increased at a 0.7 percent annual rate, in-line with expectations but down sharply from the 2.0 percent rate in the third quarter. The economy grew 2.4 percent in 2015 after a similar expansion in 2014.

The gains in Dow futures came despite a 1.5 percent drop in Chevron (CVX) shares in pre-market trade after the firm unexpectedly posted a loss.

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Yields held near earlier lows after the GDP report.

Global equities climbed after the Bank of Japan's surprise announcement, with the Nikkei (Nihon Kenzai Shinbun: .N225) reversing mild losses to close up 2.8 percent. The Shanghai composite (Shanghai Stock Exchange: .SSEC) closed 3.09 percent higher. European stocks traded nearly 1 percent higher as of 8:06 a.m. ET.

Treasury yields edged lower to hit multi-month lows, with the 2-year yield below 0.8 percent and the 10-year yield near 1.92 percent.

The U.S. dollar traded about 0.9 percent higher against major world currencies, with the euro back below $1.09 and the yen at 121.23 yen against the greenback.

Nasdaq futures also held slightly higher. A 10 percent drop in Amazon (AMZN) shares in pre-market trade offset gains in Microsoft (MSFT) shares.

Microsoft beat on both the top and bottom line, helped by improvement in its cloud services business as well as cost-cutting.

Amazon.com posted quarterly profit substantially below expectations. Revenue was slightly below forecasts as well, and the shares came under immediate pressure despite the highest-ever quarterly profit ever posted by the online retail giant.

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The Bank of Japan was not expected to take significant action on monetary policy at its meeting this week.

The employment cost index for the fourth quarter showed a rise of 0.6 percent, unchanged from the prior quarter.

The Chicago PMI follows at 9:45 a.m., with consumer sentiment due at 10:00 a.m.

On the earnings front, Chevron (CVX), Colgate-Palmolive (CL), MasterCard (MA), American Airlines Group (AAL) and Air Products (APD) are all expected before the bell.

Oil held higher, with U.S. crude above $33.50 a barrel and Brent above $34 a barrel as of 8:20 a.m. ET.

--CNBC's Patti Domm and Peter Schacknow contributed to this report

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