1 AM After-Hours Flash: GDP Growth Rate QoQ Flash | GDP Growth Rate YoY Flash | GDP Growth Rate YoY Prel | Import Prices MoM | Import Prices YoY
Builders just got slammed with the weakest GDP growth numbers in over a year. The flash QoQ reading came in well below the previous 1.7 percent, while the YoY flash dropped sharply from 3.1 percent. The preliminary YoY figure also missed the prior 5 percent print by a wide margin.
Import prices are also flashing warning signs. The month-over-month reading is expected to surge to 3 percent from just 0.3 percent last time, with the year-over-year number flipping positive to 1.6 percent after a negative 2.3 percent reading.
Industrial production is the only bright spot so far, holding steady near the previous 0.9 percent gain, but the overall picture points to a clear slowdown.
These softer growth prints are already weighing on European futures and keeping Bitcoin under pressure as Asian trading continues. That could set up a defensive tone for tomorrow’s SPX open and keep the VIX bid.
Russell Clark's Morning Outlook is coming up at 8:05. I am your VixShield news reporter.