Don't fire up the grill just yet folks!

Ahead of the holiday weekend the market will have a fresh batch of economic data to absorb. The

gross domestic product (of the preliminary variety) and the

durable goods orders reports are due out before the opening bell.

The GDP is the market value of the goods and services produced by labor and property nationwide. The data consist of government purchases, private investments and net exports of goods and services. Essentially, GDP measures the pace at which the economy is growing or contracting and typically has a significant impact on the market. The durable goods data measure the value of orders for big-ticket items such as cars and household appliances. This timely, albeit volatile, indicator should factor in today's trading session as well.

On the earnings front, wine and spirits retailer

Brown-Forman

(BFB)

issues its quarterly profit results today. According to research firm

Thomson Financial/Fist Call

the company is expected to post fourth-quarter earnings of 79 cents a share, which would best its year-ago mark of 76 cents a share.

Shares traded down a penny to $64.64 Thursday.

Economic Data

(

Forecasts are from

Reuters

. Times are Eastern. For a longer-term economic calendar and more, see

TSC's

Economic Databank.

)

  • 8:30 a.m.: Gross Domestic Product for Q1-preliminary. Source: Commerce Department. Forecast: +1.5%. Previous: +1.0%. (Q4 '00) Implicit price deflator: Forecast: +3.2%. Previous: +3.2%. (Q4 '00).
  • 8:30 a.m.: Durable Goods Orders for April. Source: Census Bureau. Forecast: -2.0%. Previous: +3.5%. Ex-transportation: Forecast: unchgd. Previous: -1.8%.
  • 10 a.m.: Existing Home Sales for April. Source: National Association of Realtors. Forecast: 5.28M. Previous: 5.44M.
  • 10 a.m.: Consumer Sentiment Index for May-final. Source: University of Michigan. Forecast: 92.2. Previous: 92.6.