Stock futures are lower in early morning, indicating stock markets would also open lower. This is a day after Microsoft Corp. (NASDAQ:MSFT) reported financial results and before the quarterly GDP data is released.

As I indicated yesterday in Microsoft's earnings preview, the Street would hardly pay attention to the quarterly results and instead focus on outlook for the upcoming year. Indeed, Microsoft beat street estimates and yet left investors unimpressed as it also gave a lowered guidance.

Today, ahead of the bell at 8:30 a.m. ET, GDP figures will be reported. Economists expect Gross Domestic Product data to show a third quarter economic growth of 2.1% annual rate, compared to 2.6% in the previous quarter. This figure is especially important as economists try to see if the Fed's monetary policy hadn't choke up the economy too much with its consecutive rate hikes. The slowdown that is evident in the housing market is already an indication of the overall economic growth slowdown.

Also today, just before 10:00 a.m., October's University of Michigan's consumer confidence index will be released.

Earnings: The biggest company to report before the bell is Chevron Corp. (NASDAQ:CVX). Analysts expect a 24% jump in earnings.

Also in the news:

Sun Microsystems Inc. (NYSE:SUNW) reported quarterly earnings yesterday as well and posted a narrower net loss with a revenue rise of 17%.

In Hong-Kong, shares for Industrial & Commercial Bank of China rose nearly 15% to HK$3.52 ($0.45) in the world's largest IPO. The strong debut disappointed investors in Shanghai nonetheless. Analysts predicted the stock would rise between 10% to 15%.

In the auto industry a few stories are developing:

• According to The Wall Street Journal, car dealer AutoNation Inc. (NYSE:AN) will slash its orders from the Big Three -- General Motors Corp. (NYSE:GM), Ford Motor Co. (NYSE:F) and DaimlerChrysler (NYSE:DCX) -- automakers by 30% due to already high inventories.
• GM also said that due to losing sales to Toyota Motor Corp. (NYSE:TM), it will use some of the money saved in cost cuts to make more fuel efficient cars and match Toyota's technology. And while talks of bankruptcy have receded, analyst still sound cautious about GM.
• Finally, Volkswagen, the world's fourth-largest carmaker, beat expectations by nearly doubling third-quarter operating profit, reaffirming its full-year increased forecast.

Wal-Mart Stores Inc. (NYSE:WMT), struggling to communicate its new image of being both trendy and low-cost will sever its ties with another longtime ad agency. Personally, I wonder if Wal-Mart has ever internalized the term "target-market." You can't dance at too many weddings, Wal-Mart.

Staying on Wal-Mart, a union group and the Rev. Jesse Jackson demanded yesterday that Wal-Mart fire a Republican consultant. Find out why here.

Sony Corp. (NYSE:SNE) battery woes seem unending.

Finally, car rental company Hertz Global Holdings Inc. will issue 88.2 million shares of common stock in a planned initial public offering for an estimated price of between $16 and $18 per share.

Bonds rallied again yesterday with the yield on the benchmark 10-year Treasury note falling to 4.72% from 4.76% late Wednesday.

Overseas, Asian markets closed mixed to lower. European markets are mixed at the moment with a negative trend.

Futures are negative in early morning trade (8:00 a.m.), pointing to a lower start for stocks.