Friday’s markets are expected to be volatile, as investors weigh whether this week’s selloff is the start of a bigger pullback or just end-of-quarter profit-taking.
A negative for stocks Friday is the fact that key indices closed near the lows of the day Thursday, with all major S&P industry sectors lower, while bonds and the dollar rose. The S&P 500 fell through its 50-day moving average—at 1,976—and fell to 1,966, a decline of 1.6 percent.
Economic reports expected Friday are second-quarter GDP at 8:30 a.m. EDT, expected to be revised to show increased growth of 4.6 percent, from 4.2 percent—a big spring back from the weather-impacted weak first quarter. Consumer sentiment is released at 9:55 a.m. and is expected to show improvement over last month.