Stocks finished lower on Thursday, however rebounded off of their lows of the day, The Dow Jones Industrial average ended down 53.13 points, or 0.5%, at 10,321.03. The benchmark S&P 500 declined 2.31 points or 0.21% to 1,102.93, while the Nasdaq nearly broke even, ending 1.68 points lower to 2,234.22.

Morning Outlook

Wall Street is trading mixed this premarket ahead of the days full load of economic data. We will be getting growth revisions before the bell, followed by what i expect to be disappointing consumer and housing reports. Dow Jones industrial average futures are up 26 at 10,342. Standard & Poor’s 500 index futures gained 0.90 at 1,103.20. The tech heavy Nasdaq 100 index is trading lower, down half of one point at 1,813.00.

All in all, i suspect the worse than expected data to weigh on trading as we enter the weekend. Join us in chat for trading today!

Currencies and Commodities

The dollar rose 0.1678% at 89.224 yen in the currency market. The euro appreciated 0.2814% to $1.3587 while the pound lost 0.398% to $1.5205. Gold is down 10 cents to $1108.40 an ounce, while silver climbed 0.08% at $16.14. The front month April contract for light, sweet crude dropped 13 cents to $78.04 per barrel on the NYMEX; a 0.19% decline.

Economic Calendar

8:30 AM
Quarter 4 Gross Domestic Product: GDP measures all the goods and services produced within the United States during the second quarter. The consensus for real GDP (taking inflation into account) in the 4th quarter is growth of 5.7%, which is unchanged from the initial reading last month.

9:55 AM
Consumer Sentiment: Consumer sentiment is directly related to the strength of consumer spending, by questioning 500 households each month on their financial conditions and attitudes about the economy. The consensus final reading for February is 73.7, on par with the first reading of the month. Volatility is back in the market place, with jobess claims have gone back up. We are still far ahead of February’s low of 56.2, but dont be suprised to see a number to the downside following the horrific consumer confidence data earlier this week.

10:00 AM
Existing Home Sales: The number of previously constructed homes, condominium and co-ops in which a sale closed during the month. The only way we can unclog the housing market is by selling homes from the inventory that are already on the market. Prices have dropped sharply as stockpiles of foreclosed homes flood the market and economic unrest keeps potential buyers at bay. The consensus for January is a 5.5 million unit annual rate, which is an increase from a pace of 5.45 million in December which was a 16.7 percent decline; the largest drop on record, Supply of homes on the market now stands at 7.2 months