Stock Market Update

The S&P 500 futures currently trade 37 points above fair value.

The advance estimate for Q1 GDP came in at 2.0% (Briefing.com consensus 2.1%) from the final Q4 reading of 0.5%.

The advance GDP Deflator checked in at 3.6% (Briefing.com consensus 3.3%) from the final Q4 level of 3.7%.

Personal income increased 0.6% month-over-month in March (Briefing.com consensus: 0.4%) following an upwardly revised unchanged reading (from -0.1%) in February.

Personal spending rose 0.9% (Briefing.com consensus: 0.4%) following an upwardly revised 0.6% increase (from 0.5%) in February.

The PCE Price Index jumped 0.7% (Briefing.com consensus: 0.6%) after rising 0.4% in February.

The core PCE Price Index rose 0.3% (Briefing.com consensus: 0.3%) on the heels of a 0.4% increase in February.

The Q1 Employment Cost Index increased 0.9% (Briefing.com consensus 0.8%) following a 0.7% increase in Q4.

Initial jobless claims for the week ending April 25 decreased by 26,000 to 189,000 (Briefing.com consensus: 217,000) from an upwardly revised prior level of 215,000 (from 214,000).

Continuing jobless claims for the week ending April 18 decreased by 23,000 to 1.785 million after the previous level was downwardly revised to 1.808 million (from 1.821 million)