Stock Market Update

The stock market is on track for a higher start with the S&P 500 futures trading 23 points above fair value. 

The upbeat open will put the market back near record territory, after it found resistance in that area yesterday. The market received a big batch of economic data this morning, but futures remain near levels seen earlier this morning. Q1 GDP was revised down to -0.5% (Briefing.com consensus -0.2%) from -0.2%.

Durable goods orders surged 16.4% month-over-month in May (Briefing.com consensus 6.6%) on a 230.8% increase in orders for nondefense aircraft and parts. Excluding transportation, durable goods orders were up 0.5% month-over-month (Briefing.com consensus 0.1%).

Initial jobless claims for the week ending June 21 decreased by 10,000 to 236,000 (Briefing.com consensus 247,000), while continuing jobless claims for the week ending June 14 increased by 37,000 to 1.974 million, which is the highest level since November 6, 2021.

One more report will be released after the open with Pending Home Sales (Briefing.com consensus 0.4%) set to be released at 10:00 ET.

The technology sector is likely to see early strength with chipmakers receiving increased interest after Micron (MU 129.28, +2.03, +1.6%) beat Q3 expectations and issued strong guidance.

Treasuries have built on their opening gains with the 10-yr yield falling three basis points to 4.27%.