S+P 500 futures currently near session lows ahead of US GDP report due today

Yesterday the S+P 500 did not have a great day to say the least. The index outperformed the dow Jones on the downside, thanks to the crossover with Nasdaq components and the 3.65% slide in that index. Hence, the S+P fell by 2.31% on the close, compared to a 1.25% decline for the Dow Jones. The S+P lost 128.61 points when closing at 5,427.13, but the index had traded as low as 5,419.98. So, as you can see that close was not much above the low of the day and right now the price action in the futures is indicating it will reopen below the lows seen yesterday. Ahead of that opening though we have some important US data, which might have an impact on the opening call. That is the final revision to US Q2 GDP, which is expected to be increased, to 2% from the prior reading of 1.4%. We also have the GDP price index and that is expected to be marked lower, to 2.6%, from 3.1%. That is the headline data today, but we also have the latest weekly jobless claims data and Durable goods orders. Of course none of this lot may have an impact on a market that is very much in correction mode and perhaps any rally that this data might deliver could be met with sellers anyway. The same cannot necessarily be said, if the data all misses the mark and that is the risk- there is no rally. We shall just have to see on that