Market Update
9:00AM: S&P futures vs fair value: +6.0. Nasdaq futures vs fair value: +19.0. The futures indications continue climbing on the heels of the better than expected advance GDP report, which checked in at 7.2%, above the consensus of 6.0% and its highest level in almost two decades. Accordingly, the cash market looks set to open higher, extending this week's winning streak. The European bourses also lifted in reaction to the strong economic data, with the DAX, CAC, and FTSE, which had been basically unchanged previously, trading up by 1.2-1.3%. The bond market is getting crushed, with the 10-year note down -15/32, bringing its yield up to 4.36%.
