Following yesterday’s disappointing weekly jobless claims – the latest in a series of disappointing data – today’s first estimate of Q1 GDP is perhaps more important to the long-term macroeconomic view than before. Consensus estimates point to a 2.5% headline GDP growth, led higher by a 2.2% increase in consumer spending and 2% increase in government spending. Numbers are released at 8:30 a.m. ET. At 9:55 a.m. ET, the University of Michigan Consumer Confidence figure will be released.
In markets, equity futures are holding near the flat-line. S&P futures are trading at 1,397 and are sure to test the 1,400 level on a good GDP figure. DJIA futures are at 13,163, and NASDAQ futures are higher – up 0.2% on AMZN’s gain – to 2,525.50.
Bond futures are higher this morning, with modest gains seen in the 30-year bond and 10-year note. The US$ Index is unchanged on the session, trading at 1.3230 against EUR. USD/JPY fell below the 81-figure, trading at 80.72 at present.
Reporting earnings this morning are Altria (AIMC), Chevron (CVX), Ford (F), and Procter & Gamble (PG). F is up 1.6% following its report, and PG is down 2.5%.