The S&P 500 futures trade roughly in-line with fair value as the market turns its focus to some Fedspeak and another round of U.S.-China trade talks.
Several FOMC voting members will speak in separate events today. Vice Chair Richard Clarida will speak at 9:30 a.m. ET; Fed Governor Michelle Bowman will speak at 10:00 a.m. ET; New York Fed President John Williams will speak at 1:15 p.m. ET; and St. Louis Fed President James Bullard will speak at 6:20 p.m. ET.
In U.S.-China trade news, Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin arrived in Beijing on Thursday. The latest round of trade negotiations is expected to continue through Friday, followed by another round next week in Washington.
In corporate news, lululemon athletica (LULU 167.00, +20.20, +13.8%) and PVH Corp (PVH 123.50, +12.61, +11.4%) have jumped in pre-market action after impressing investors with their earnings results and guidance. Nielsen (NLSN 24.43, -2.20, -8.3%), on the other hand, has taken a hit after the New York Post reported that Blackstone has dropped out of the bidding process to acquire the company.
The third estimate for Q4 GDP showed a downward revision to 2.2% from 2.6% (Briefing.com consensus 2.5%) and a downward revision to the GDP Price Deflator to 1.7% from 1.8% (Briefing.com consensus 1.8%).
The key takeaway from the report is that even with the downward revision, real GDP increased 3.0% from the fourth quarter of 2017 to the fourth quarter of 2018, down slightly from the previous estimate of 3.1%. Measured from the 2017 annual level to the 2018 annual level, real GDP increased 2.9%.
Pending Home Sales for February (Briefing.com consensus 0.5%) will be released at 10:00 a.m. ET.
U.S. Treasuries are roughly unchanged this morning. The 2-yr yield is flat at 2.21%, and the 10-yr yield is up one basis point to 2.38%. The U.S. Dollar Index is up 0.4% to 97.11. WTI crude is down 1.5% to $58.53/bbl.