Q1 GDP is out and it was a miss. GDP slowed to 2.2 per cent from 3.0 per cent in Q4. Economists were looking for 2.5 per cent.Futures are moving ever so slightly. Dow futures are currently flat and S&P futures are up just 1 point.
Prior to the release, Dow futures were up 24 points, S&P futures were up 3 points, and Nasdaq futures were up 11 points.
Despite the headline miss, the underlying numbers were actually encouraging. The make-up of GDP growth was largely driven by personal consumption (which jumped 2.9 per cent) rather than government spending (which fell 5.9 per cent).