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By Bryan McCormick

There are just two reports for today, but both have the potential to move markets. The government will release a revision of first-quarter GDP and weekly jobless claims data, both at 8:30 a.m. ET.

The revised GDP is expected to tick up to 2.1 percent from the previous 1.8 percent estimate. The most optimistic expectation is a 2.6 percent gain. No economist has forecast GDP coming in lower than 1.9 percent, so a reading below that percentage would likely be a signficant surprise.

Jobless Claims data is expected to show a fall in initial filings to 404,000 down from the previous week's 409,000. Estimates range from a bullish drop to 395,000 to a more bearish uptick to 420,000. This relatively narrow range may increase the chance for a surprise and a stronger market reaction if either end is broken.

Source: Revised GDP, Unemployment Claims on Thursday's Economic Calendar