Stock Market Update

[BRIEFING.COM] Losses are mounting ahead of the closing bell. The S&P 500 is down about 75 points from yesterday. 

Treasuries settled with modest losses. The 10-yr yield settled three basis points higher at 4.34% and the 2-yr yield settled one basis point higher at 4.01%. On a related note, today's $70 bln 5-yr note auction met weaker demand than yesterday's 2-yr note offering, but the market reaction was limited.

Looking ahead to Thursday, market participants receive the following data:

• 8:30 ET: Q4 GDP -- third estimate (Briefing.com consensus 2.3%; prior 2.3%), Q4 GDP Deflator -- third estimate (Briefing.com consensus 2.4%; prior 2.4%), Weekly Initial Claims (Briefing.com consensus 225,000; prior 223,000), Continuing Claims (prior 1.892 mln), advance February goods trade balance (prior -$153.3 bln), advance February Retail Inventories (prior -0.1%), and advance February Wholesale Inventories (prior 0.7%)
• 10:00 ET: February Pending Home Sales (Briefing.com consensus 2.9%; prior -4.6%)
• 10:30 ET: Weekly natural gas inventories (prior +9 bcf)