Stock Market Update

The S&P 500 futures are up 15 points and are trading 0.3% above fair value, the Nasdaq 100 futures are up 50 points and are trading 0.3% above fair value, and the Dow Jones Industrial Average futures are up 273 points and are trading 0.7% above fair value.

Weekly initial jobless claims totaled 231,000 and last week's total was revised to 233,000 (from 232,000). Continuing claims came in at 1.868 million and last week's total was revised to 1.855 million (from 1.863 million).

Q2 GDP rose to 3.0% in the second estimate from 2.8% in the first estimate. The Q2 GDP Price Deflator rose to 2.5% in the second estimate from 2.3% in Q2.

Retail inventories rose 0.8% in the advance report for July following a revised 0.9% increase in June (from 0.7%). Wholesale inventories increased 0.3% in the advance report for July following a revised 0.1% increase in June (from 0.2%).

International Trade in Goods decreased to -$102.7 billion in the advance report for July from a revised -$96.6 billion in June (from -$96.8 billion).