Stock Market Update

The S&P 500 futures are down five points and are trading 0.1% below fair value, the Nasdaq 100 futures are down 38 points and are trading 0.2% below fair value, and the Dow Jones Industrial Average futures are up 40 points and are trading 0.1% above fair value.

The third estimate for Q4 GDP was revised up to 2.4% (Briefing.com consensus 2.3%) from 2.3%, aided by an upward revision for government spending. The Q4 GDP Price Deflator was revised down to 2.3% (Briefing.com consensus 2.4%) from 2.4%.

The key takeaway from the report is that it shows a nice expansion in activity during the fourth quarter that was underpinned by consumer spending; however, the report's impact on the market is muted by its dated nature (we're just days away from being done with the first quarter).

Initial jobless claims for the week ending March 22 decreased 1,000 to 224,000 (Briefing.com consensus 225,000). Continuing jobless claims for the week ending March 15 decreased 25,000 to 1.856 million.

The key takeaway from the report is that initial jobless claims -- a leading indicator -- continue to idle at levels consistent with an otherwise solid labor market.