The first look at U.S. GDP for the second quarter has just arrived this morning: Economists expected 2.6% growth to be reported, and it looks like forecasts were a bit ambitious – the US economy grew at just 1.2%. Another piece of important economic data this morning: The reading from the University of Michigan’s consumer sentiment survey will also be closely watched. The preliminary report for July showed a 4.3% month-on-month drop, analysts expect a slight improvement for the final survey report (SA).
 
Some great tech earnings to highlight from yesterday: Retailers continue to lose e-commerce market share to Amazon, which posted better-than-expected results for Q2. The dazzling quarter included 31% Y/Y net sales growth.  Google posted similarly strong results – with sales growth from advertising helping parent company Alphabet top 2Q expectations. Alphabet's revenues rose 21% year over year. (WSJ)
 
The gains keep piling up for Facebook as it passed Berkshire Hathaway's valuation this week to jump into 5th place on the list of most valuable companies in the world. Apple, Alphabet, Microsoft and ExxonMobil are now the only companies with a larger market cap than the social network juggernaut. Facebook's market cap has increased to just under $364B after this week's vibrant post-earnings rally (FT).
 
S&P 500 futures are down 4 and NASDAQ futures are up 8.  MSCI International Index is up 3/10 of a %.
 
Oil is down $.47 cents at $40.67 a barrel.
 
Gold is up just under $4 at $1345 a Troy ounce.
 
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.