U.S. GDP for Q1 has come in as expected at 3.1%. Traders and investors are bidding this data with caution, producing a modestly green Wall Street open. Through the first half-hour of trade, the DJIA DOW (+83), S&P 500 SPX (+14), and NASDAQ (+45) are in positive territory.

Aside from Q1 GDP, several other U.S. metrics were released in the pre-market hours. Here is a quick look:

Event                                                                 Actual        Projected      Previous

Continuing Jobless Claims (May 17)             1.657M          1.662M         1.683M

Initial Jobless Claims (May 24)                        215K               215K              212K

Core Personal Consumption (QoQ, Q1)         1.0%              1.3%              1.3%

GDP (Q1)                                                              3.1%               3.1%             3.2%

Goods Trade Balance (April)                        -$72.12B             NA            -$71.33B

To summarize, U.S. employment remains strong, consumption is down, and output is relatively static. All in all, there isn’t a whole lot to see here. The U.S. indices and Greenback are up modestly as the markets take an “I told you so” stance.

S&P 500 Up Modestly Following U.S. GDP Release

The daily downtrend is in full effect for the S&P 500, but values are up a bit following today’s U.S. GDP report. At this point, stock players are holding on to a somewhat shaky early-session rally.

June E-mini S&P 500 Futures (ES), Daily Chart
June E-mini S&P 500 Futures (ES), Daily Chart

Overview: The U.S. indices have taken a beating throughout May in the wake of trade war hysteria. However, the calendar is getting ready to flip to June, a much-anticipated development for equities bulls. Markets often move directionally upon the onset of a new month ― those long the S&P 500 are hoping that north is the way forward starting next Monday.

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