Stock Market Update

The S&P 500 futures are up 35 points and are trading 0.7% above fair value, the Nasdaq 100 futures are up 140 points and are trading 0.6% above fair value, and the Dow Jones Industrial Average futures are up 324 points and are trading 0.7% above fair value.

Weekly initial jobless claims totaled 222,000 (Briefing.com consensus 237,000) and last week's total was 242,000. Continuing claims came in at 1.874 million and last week's total was revised to 1.879 million (from 1.886 million).

Q3 GDP rose to 3.1% in the final reading (Briefing.com consensus 2.8%) from 2.8%. The GDP Chain Deflator was unchanged at 1.9% in the final Q3 reading (Briefing.com consensus 1.9%).

The Philadelphia Fed Index plunged to -16.4 in December (Briefing.com consensus 3.0) from -5.5 in November.