Stocks Hope for More Bounce After In-Line GDP

Stocks are looking mixed on this morning's tame revised gross domestic product data, with S&P 500 futures still pretty flat and Nasdaq futures treading higher.

At 8:30 a.m EDT, the GDP came in unrevised at 5.4%, compared to Reuters' consensus poll estimates of a 5.2% increase. Last quarter, GDP was up 7.3%. The implicit price deflator came in unrevised at 2.7%, in line with Reuters' consensus poll estimates and above last quarter's 1.9%.

At 9:11 a.m. EDT, the S&P 500 futures had fallen back to a positive 3.8 points, just 1 point above fair value and not much of an indication for the early going. The Nasdaq 100 futures had also lost some ground, up 35 points compared to the 45 points they were up earlier. This could still indicate some buying sentiment for large-cap tech stocks at the open. ...