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Two of the reports we will see this morning could move markets: GDP and Jobless Claims, both scheduled for release at 8:30 a.m. ET.

GDP is a preliminary estimate for the first quarter, which will be subject to revision. Most economists expect it to come in at 2 percent, though estimates range from a potentially bearish 1.5 percent to a bullish 3 percent. A reading beyond either end of that range would provoke much stronger market reaction.

The consensus forecast for Jobless Claims for a drop to 390,000 initial claims from the previous week's 403,000. The range is extremely wide for this particular report, from a bullish 280,000 to a bearish 410,000.

The Chicago Fed National Activity Index also comes out at 8:30 a.m. ET. This is a composite index based on a large number of indicators and is not a regional index. The level came in last month at -0.04. A larger negative reading would be bearish, while a positive one would be bullish.

Pending Home Sales will be released at 10 a.m. ET. The growth rate in pending home sales is expected to come in at 1.5 percent. Expectations range from no change to a very bullish 5.2 percent.

Source: GDP, Jobless Claims Dominate Agenda