Mixed economic news is causing a sell-off in the markets this morning. The first quarter GDP number was -5.5% instead of the -5.7% economists had been predicting. The initial claims number however rose to 627K when the markets had been expecting a lower number of 600K.
It will be interesting to see who wins this battle and how the market digests this information after the open. Premarket we are still in a range testing the premarket gap from yesterday.
