US STOCKS-Futures sink as data shows historic slump

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* Q2 GDP numbers show record 33% contraction
* Jobless claims also up, though rise slower than forecast
* Qualcomm, P&G, UPS all up after results
* Futures down: Dow 0.89%, S&P 0.82%, Nasdaq 0.85%

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By Medha Singh and Devik Jain
July 30 (Reuters) - Wall Street's main indexes were set to
open lower on Thursday after data confirmed the economy suffered
its steepest contraction since the Great Depression in the
second quarter, adding to gloom from job losses and a resurgence
in coronavirus cases.
Gross domestic product collapsed at a 32.9% annualized rate
last quarter, a Commerce Department report showed, as business
activity came to an abrupt halt due to efforts to slow the virus
outbreak. Jobless claims numbers also showed another rise in the
latest week, adding to signs that the momentum of economic
recovery has slowed, especially in southern and western states.
The S&P 500 is about 4% below its Feb. 19 record high after
coming within 3% of that level last week.
The U.S. Federal Reserve on Wednesday acknowledged the surge
in cases was likely stalling recovery, while pledging to support
the economy as long as necessary, guaranteeing it will continue
to flood the financial system with cheap funds and lifting Wall
Street's three main indexes late in the session. Qualcomm Inc QCOM.O , United Parcel Service Inc UPS.N ,
and Procter & Gamble Co PG.N were among the early gainers
after results releases, with Johnson & Johnson JNJ.N up 2% as
it started human safety trials for its COVID-19 vaccine.
Corporate earnings have tended to be better than
expectations so far, but the scale of the economic damage from
the crisis, and likelihood that it will drag on are again giving
traders pause for thought.
The White House and Congress are still at loggerheads over a
pandemic relief plan ahead of the lapsing of enhanced
$600-per-week unemployment benefits on Friday, threatening
households' ability to spend and cover their bills. Apple Inc AAPL.O , Amazon.com Inc AMZN.O , Alphabet Inc
GOOGL.O and Facebook Inc FB.O will post results at the same
time for the first time later on Thursday, with some on Wall
Street questioning their valuations after this year's gains.
Shares of the companies, which have a combined market value
of about $5 trillion or almost a fifth of the whole S&P 500,
fell between 0.4% and 0.9% in premarket.
The CEOs of all four companies took jabs from lawmakers over
antitrust and other issues in Congress on Wednesday. "These companies have really been carrying the entire stock
market in herculean fashion," said Ryan Giannotto, director of
research at GraniteShares ETFs in New York.
"It's a test of this thesis that technology can be used to
overcome or mitigate the impacts of the coronavirus pandemic
which does not seem to be abating anytime soon."
At 8:40 a.m. ET, Dow e-minis 1YMcv1 were down 235 points,
or 0.89%, S&P 500 e-minis EScv1 were down 26.75 points, or
0.82% and Nasdaq 100 e-minis NQcv1 were down 90.75 points, or
0.85%.