Stock traders are buckled in for another wild ride Thursday.
Thursday's markets could first be in for a fresh dose of positive news on the U.S. economy, after Wednesday's better-than-expected durable goods number showed signs of improved business spending. Second-quarter GDP, at 8:30 a.m. ET, is expected to be revised up sharply from the first read of 2.3 percent.
"GDP, I think will be a nice number. I'm looking for a 3.3, which is one percentage point revision to the first estimate. We can be thankful the U.S. economy is doing better than anywhere else, and we still aren't able to generate inflation, and that's the conundrum for the Fed," said Ward McCarthy, chief financial economist at Jefferies. "I think we'll have this screeching volatility going on until we don't. It's the way these things work. You get these spurts of inanity for a period of days. It finally wears everybody out, and you move back to more normal price behavior."