Futures point to a modestly lower open today following Monday's gains, leaving the Dow and S&P 500 with a shrinking amount of time to erase their 2015 deficits before the year runs out. With 6½ trading days left in the year, the Dow is down 3.2 percent for the year with the S&P 500 having a 1.8 percent deficit. The Nasdaq is currently up nearly five percent for the year.
The government will be out with an updated reading on third quarter GDP at 8:30 a.m. EDT, with consensus forecasts calling for a 1.9 percent annual growth rate. The prior report a month ago had put Q3 GDP at a 2.1 percent annual rate.