Stock Market Update

The S&P 500 futures are down three points and are trading 0.1% below fair value, the Nasdaq 100 futures are down 25 points and are trading 0.1% below fair value, and the Dow Jones Industrial Average futures are down 64 points and are trading 0.2% below fair value.

Q1 GDP was revised up to 1.4% in the third estimate (Briefing.com consensus 1.3%) from 1.3% in the prior reading. The Q1 GDP Price Deflator was revised up to 3.1% in the third estimate (Briefing.com consensus 3.1%) from 1.3% in the prior reading.

Weekly initial jobless claims totaled 233,000 (Briefing.com consensus 238,000) following a revised count of 239,000 last week (from 238,000). Continuing claims came in at 1.839 million following last week's revised count of 1.821 million (from 1.828 million).

Durable goods orders increased 0.1% in May (Briefing.com consensus -1.2%) following a 0.2% increase in April (revised from +0.7%). Excluding transportation, durable goods orders decreased 0.1% in May (Briefing.com consensus 0.2%) following a 0.4% increase in April.

Retail inventories rose 0.7% in the advance report for May following a 0.7% increase in April. Wholesale inventories increased 0.6% in the advance report for May following a 0.2% increase in April.

Intl. Trade in Goods decreased to -$100.6 billion in the advance report for May from a revised -$98.0 billion in April (from -$99.4 billion).