Today's price action is a reminder that every economic data point is an important data point. We got the third look at Q3 GDP -- which isn't normally a market mover -- but stronger consumer spending and corporate profits boosted it to 3.2% from 2.9%.
That has the market worried that at least another 50 bps from the Fed is coming and maybe 75 bps, along with a higher-for-longer scenario.
In turn, S&P 500 futures are down 34 points with most of that coming after the data.
However the market was already negative before the numbers in part due to earnings from chipmaker Micron. The company said it was cutting staff by 10% and warned there was too much computer memory supply and not enough demand.
“In the last several months, we have seen a dramatic drop in demand,” CEO Sanjay Mehrotra said.
Over in meme-land, shares of AMC are down 19% premarket after the company announced a $110m capital raise.