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Major earnings, Fed clues in GDP grip Wall Street

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Earnings and GDP in focus for Wall Street

Thursday brings another wave of earnings with companies from Procter & Gamble to Amgen reporting, but markets will also be digging deep into GDP data for any clues on the Fed.

The first look at second-quarter gross domestic product is scheduled to be released at 8:30 a.m. ET, along with three years' worth of revisions from the Bureau of Economic Analysis. Economists are watching for changes as it attempts to correct a pattern of overly weak first-quarter growth.

CNBC's Steve Liesman reported in April that first-quarter GDP was statistically softer than the other three quarters for the past 30 years, and substantially weaker in the past five.