Stocks set for lower open
S&P futures vs fair value: -22.00. Nasdaq futures vs fair value: -105.80. The S&P 500 futures trade 22 points, or 0.5%, below fair value heading into the open as the market digests a bunch of economic data, Fed expectations, and earnings news. In terms of data, weekly initial claims dropped 71,000 to 199,000 (Briefing.com consensus 265,000) -- its lowest level since 1969 -- and the second estimate of Q3 GDP was 2.1% (Briefing.com consensus 2.2%), up from the first estimate of 2.0%. Durable goods orders unexpectedly fell 0.5% in October (Briefing.com consensus +0.2%). The 10-yr yield is up two basis points to 1.69% and is now up 15 basis points since Friday's settlement. The 2-yr yield is up three basis points to 0.64% amid increasing expectations for the Fed to turn hawkish sooner than expected. On a related note, the FOMC Minutes from the November meeting will be released at 2:00 p.m. ET. Separately, Nordstrom (JWN 24.04, -7.89, -24.7%), Gap (GPS 18.65, -4.86, -20.7%), and Autodesk (ADSO 263.34, -40.76, -13.4%) are seeing outsized losses following their earnings reports. Deere (DE 360.00, +10.72, +3.1%) and HP Inc. (HPQ 33.50, +1.31, +4.1%) are up nicely following their reports.