Tomorrow's Headliners: GDP Report

With the major U.S. stock indices higher for the Memorial Day holiday week, traders must now prepare for Friday's session and more uncertainty over the future of GM.
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With the major U.S. stock indices higher for the Memorial Day holiday week, traders must now prepare for Friday's session and more uncertainty over the future of

General Motors

(GM) - Get Report

.

Through the three trading sessions in this abbreviated week, the

Dow Jones Industrial Average

is higher by 126 points, or 1.5%, the

S&P 500

has added 20 points, or 2.2%, and the

Nasdaq Composite

has climbed 59 points, or 3.5%.

While it appears all but certain GM will be forced to file for bankruptcy protection Monday, the situation has changed several times over the last few trading sessions. On Thursday, a small group of

GM bondholders have accepted an amended agreement

that will make the bankruptcy process go smoother. Friday will likely only bring more questions and concerns about the automaker as the deadline becomes closer.

Aside from the drama at GM, it may be a subdued end to the week. All will be quiet on the earnings front, with only

Tiffany

(TIF) - Get Report

and

Quality Systems

(QSII)

scheduled to report results.

Traders will also be monitoring the reaction to

Dell's

(DELL) - Get Report

latest quarterly earnings report. After Thursday's close, the PC maker reported a first-quarter profit, excluding items, of 24 cents a share, coming in a penny ahead of the Thomson Reuters average estimate, although revenue of $12.34 billion came in below expectations. Looking ahead, Dell said the "broader environment is still challenging."

The week was also packed with annual shareholder meetings for several companies, including

Target

(TGT) - Get Report

and

Home Depot

(HD) - Get Report

, but only

Lowe's

(LOW) - Get Report

is set to host an event Friday.

If anything, economic data will likely share the headlines with GM Friday, as the preliminary read on first-quarter gross domestic product will be released at 8:30 a.m. EDT. The number should be revised to a 5.5% decline from the previously reported 6.1% fall.

Later in Friday's session, the Chicago purchasing managers' index will be out, and the University of Michigan will release the revised May reading for its consumer sentiment index.