What to Watch: GDP, Weekly Claims, Earnings, 7Y Note Sale

Recession metrics in focus w/ GDP this morning that could show two quarters of negative growth.: "I don't think the U.S. is currently in a recession," Powell said after Wed's 75bp rate hike. There are "areas of the economy that are performing too well and of course, I'd point to the labor market. In particular. It's true that growth is slowing for reasons we understand."

• Data coming up at 0830ET
  • Initial Jobless Claims (251k, 250k)
  • Continuing Claims (1.384m, 1.386m)
  • Personal Consumption (1.8%, 1.2%)
  • GDP Price Index (8.2%, 8.0%)
  • GDP Annualized QoQ (-1.6%, 0.4%)
  • Core PCE QoQ (5.2%, 4.4%) followed by
  • KC Fed mfg index (12, 3) at 1000ET
• Treasury auctions:
  • US Tsy $55B 4W, $50B 8W bills at 1130ET
  • US Tsy $38B 7Y note auction (91282CFC0) at 1300ET
• Equities: Trading mildly weaker/off lows SPX futures currently ESU2 -12.0 at 4012.50.
  • Another heavy round of earnings releases: Overstock (OSTK) miss: $0.17 vs. $0.277 est, Stanley Black-Decker (SWK) miss: $1.77 vs. $2.126 est, Honeywell (HON) beat $2.10 vs. $2.03 est, huge beat for Valero Energy (VLO) $11.36 vs. $9.562 est., Merck (MRK) beat: $1.87 vs. $1.695, Pfizer (PFE) beat $2.04 vs. $1.812 est.
  • Ahead the bell: Baxter Int (BAX) $0.875 est, Int Paper (IP) $1.076 est, T Rowe Price (TROW) $2.145 est, Martin Marietta (MLM) $3.758 est,
• Cross asset: Spot Gold gains +5.55 at 1739.74, Crude firmer (WTI +2.34 at 99.60)