Stocks are set to open modestly higher after the day’s economic news held no major surprises. Thirty minutes before the opening bell on Wall Street, stock index futures indicate that both the Dow Jones Industrial Average and the NASDAQ will start the day with modest gains.

Economic data released early showed that the US economy contracted at a 1 percent annual rate during the second quarter, which was similar to the first quarter and better than economist estimates of -1.5 percent.

Meanwhile, the latest weekly jobless claims fell a bit less than expected. According to the Labor Department, filings for jobless benefits decreased by 5,000 to 570,000 last week. Economists were looking for a drop to 565,000.

Stock index futures edged higher on the economic data. Bonds are lower. The benchmark ten-year Treasury bond is down 13/32nd and now yields 3.48 percent.

The dollar slipped .39 to 93.82 on the Japanese yen. The euro is steady at 1.426 against the buck.

The action in the commodities markets is mixed. Crude oil is down 80 cents to $70.64 a barrel. Gold added $1.40 to $947.20 an ounce.

Among the stocks to watch, Boeing (BA) will help the Dow early after the company announced plans for its first Dreamliner flight by the end of 2009. BA is up 7.7 percent.

Citi (C) shares gained 2 percent after the NY Post reported fund manager John Paulson has taken a 2 percent stake in the bank. AIG gained 8 percent on reports the company’s chief is seeking help from founder Greenberg to help rescue the company. Fred’s (FRED) and Jo-Ann Stores (JAS) are up on earnings news. American Eagle Outfitters (AEO) and Toll Brothers (TOL) seeing post-earnings weakness.