GDP disappoints but market ignores
The Market:
As you can see in the table below, the U.S. Q1 GDP number came in well below expectations. While Q1 was not expected to be a high growth quarter, clearly analysts did not expect a near negative number. Certainly the colder than expected weather could have and likely did play a role but on our opinion you cannot completely blame a miss like this on the weather.
So why might traders and investors be willing to look past this data besides the weather? Possibly because a number like this allows the Fed to continue with lower rates for longer. Speaking of which the Fed, as expected, kept rates near 0% and decreased the its monthly asset purchases by another $10B.
Tomorrow we have a packed Economic Calendar but we will be focusing on Fed Chair Yellen’s speech, Unemployment Claims, and ISM. As always this time of year we are also looking over the EPS reports and you can get a list of who is reporting tomorrow before the open below.
Reporting EPS 5/1/14 Pre-Market:
Believe it or not there are actually more companies scheduled to report and you can CLICK HERE for the complete list of companies we have reporting EPS 5/1/14 pre-market, which also have average volume over 300K.