FBN's Kristina Partsinevelos on reports the grounding of Boeing 737 Max jets will impact the U.S. second-quarter GDP numbers.videoBoeing 737 Max grounding expected to eat into US GDP

FBN’s Kristina Partsinevelos on reports the grounding of Boeing 737 Max jets will impact the U.S. second-quarter GDP numbers.

U.S. equity futures are pointing to gains ahead of an important growth report, helped by earnings from several companies, overcoming the disappointment of the European Central Bank's hinting at future interest rate cuts, but not acting immediately.

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Dow Industrial futures are higher by 0.3 percent. S&P 500 futures are also up 0.3 percent and Nasdaq futuers are adding 0.5 percent.

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Investors will get the first look at second-quarter GDP. Forecasters surveyed by Refinitiv estimate that the U.S. economy grew at a 1.8 percent annual rate. That would be a slowing of growth after the first-quarter grew by 3.1 percent.

Amazon shares fell after the company reported its first profit miss in two years. The company also forecast lower income in the current quarter due to costs associated with one-day delivery.

Shares  of Google's parent Alphabet's rose, after quarterly revenue and earnings topped expectations, easing growth concerns. Revenue rose 19 percent to $38.94 billion.

Twitter shares jumped on better-than-expected second-quarter revenue, plus more users saw ads on the site.

Almost 40 percent of the companies in the S&P 500 have reported earnings and so far the results are better than expected, with three-quarters beating profit forecasts and nearly two-thirds topping revenue estimates.

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A deal that had been talked about this week was finally made official as Apple purchased the majority of Intel Corp's modem business in a deal valued at $1 billion.

Oil prices rose on Friday and were on track for a weekly increase. U.S. crude is heading toward a weekly gain of 1.1 percent.

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