This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Stocks Brace for GDP Report

Stocks drifted higher early Thursday as the previous session's late momentum was muted by concern about an upcoming estimate of first-quarter growth.

Index futures recently showed the S&P 500 trading a point above fair value, while the Nasdaq 100 was set for a flat open. The 10-year Treasury bond was up 1/32 in price to yield 5.04%, while the dollar fell against the yen and euro.

Overseas markets were mixed, with London's FTSE adding 0.2% to 5601 and Germany's Xetra DAX up 0.6% to 5618. In Asia, Japan's Nikkei fell 1.3% overnight to 15,694, while Hong Kong's Hang Seng lost 0.8% to 15,670.

Stocks turned on a dime Wednesday after the S&P 500 fell to its lowest point of 2006 then bounced. For the session, the Dow Jones Industrial Average gained 19 points, or 0.2%, to 11,117, while the S&P 500 gained 2 points, or 0.2%, to 1259, and the Nasdaq Composite rose 10 points, or 0.5%, to 2169.

Since their recent peaks on May 10, the Dow has lost 592 points, or 5.1%, while the S&P 500 has lost 67 points, or 5.1%. The Nasdaq, whose most recent high was May 5, the loss entering Thursday is 175 points, or 7.5%.

Commodity prices were higher after a selloff Wednesday. July crude gained 25 cents to $70.11 a barrel, while gold added $5 to $642.50 and copper gained 10 cents to $3.74 a pound. Weakness in commodity prices has coincided with a flight from risk assets where speculators had enjoyed bull markets until earlier this month.

Thursday's economic slate is dominated by the Commerce Department's revision to first-quarter gross domestic product, with the growth rate expected to be revised upward to 5.8%, the fastest three-month clip since the third quarter of 2003. The implicit price deflator, a key inflation measure, is expected to hold at 3.3%.

To view Ana Dane's video take on today's premarket action, click here.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,424.85 +162.29 1.00%
S&P 500 1,862.31 +19.33 1.05%
NASDAQ 4,086.2250 +52.0640 1.29%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs