May 29, 2015
Three significant economic reports are on today’s agenda, headlined by the 8:30 release of the Government’s second guess at the output of the economy in the first quarter of the year. The first guess a month ago was an increase of just two-tenths of a percent. However, the second guess is actually expected to reflect a one percent contraction in Gross Domestic Product. The long-resolved west-coast port strike will get the blame. Still, economic contraction is not exactly supportive of an increasing interest rate policy by the Fed.
At 9:45, the Chicago Purchasing Managers Index is expected to improve a bit to 53.1 and then at 10, the University of Michigan will issue its final report on May Consumer Sentiment.
Gamestop shares are on the move higher by about 7 percent pre-market as quarterly earnings came in at 68 cents per share, versus the expected 58 cents....