U.S. stock futures were little-changed in early trading Thursday as markets awaited a revised report on U.S. first-quarter economic growth. Canadian investors will get a chance to react to a 27% profit drop at Royal Bank of Canada.

U.S. gross domestic product grew 0.9% in the first quarter, the U.S. Commerce Dept. reported today. That’s up from an earlier estimate of 0.6%, because of a better trade balance and stronger business spending. Corporate profits after taxes fell 6.8%.

Separately, U.S. jobless claims rose slightly.

Here at home, Statistics Canada reported that the current account surplus with the rest of the world increased sharply to $5.6 billion in the first quarter of 2008, led by higher prices for several exported commodities combined with a lower travel deficit.

Meanwhile, foreign direct investment flows into Canada slowed significantly from the acquisitions-driven pace of the previous quarter, while Canadian direct investment abroad continued to strengthen.

The Canadian dollar opened at US101.10¢, up 0.08 cent from Wednesday.

In today’s earnings news, Royal Bank of Canada reported a 27% drop in profit and a 13% drop in revenue as it licks wounds suffered in U.S. credit markets.

RBC its profit for the second quarter of 2008 was $928 million, or 70¢ a share, on revenue of $4.95 billion, down from a profit of $1.28 billion, or 98¢ a share, on revenue of $5.67 billion a year earlier.


H.J. Heinz reported a 7.2% rise in fiscal fourth-quarter net incom.

Costco reported a 32% quarterly profit rise, topping analyst forecasts.

Sears swung to a loss in its fiscal first quarter as the company’s sales weakened further and margins deteriorated.

Oil prices slipped 75¢ to US$130.28 a barrel in morning trade before a weekly U.S. energy inventories report due for release at 10:30. ET.

Gold also pulled back, with the Nymex near-month bullion contract down $8.10 at US$896.90 an ounce.

Overseas, Tokyo’s Nikkei 225 index gained 3% to 14,124.47.

European markets showed modest early-afternoon gains, with London’s FTSE 100 index up 32.6 points or 0.5% to 6,102.4, despite the release of a report by British lender Nationwide that showed the biggest-ever monthly drop in UK house prices.

Toronto markets were buoyed by strength in the industrials sector on Wednesday, as Bombardier shares moved ahead while the financial group fell sharply after TD reported weaker-than-expected quarterly earnings.

The S&P/TSX composite index closed up 166.49 points, or 1.15%, at 14,688.62, as seven of the 10 major TSX groups advanced.

The financials group closed up 0.71% after a late-morning earnings report from TD pushed the sector down.

TD Bank Financial Group’s shares gained 26¢, or 0.38%, to close at $68.70, after the bank reported second quarter earnings fell 3%, to $852 million.

The junior S&P/TSX Venture composite index fell 2.25 points, or 0.08%, at 2,648.25.

In New York, it was a rollercoaster day for the major indexes as financial stocks weighed on markets.

The Dow Jones industrial average rose 45.68 points, or 0.36%, at 12,594.03.

The S&P 500 added 5.49 points, or 0.40%, to close at 1390.84.

The tech-heavy Nasdaq composite index gained 5.46 points, or 0.22%, to close at 2,486.70.