At 8:35 am:
S&P futures vs fair value: +15.00. Nasdaq futures vs fair value: +31.30. Stock futures are off of their morning highs, but they continue to trade with strength in the wake of the latest dose of data. The second estimate for first quarter GDP showed that the economy expanded at an annualized rate of 3.0%, which is down from the 3.2% increase that came with the advance estimate.
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