Markets In Europe Are In The Red

Britain's FTSE is down 0.4%.

France's CAC 40 is down 0.2%.

Germany's DAX is down 0.2%.

Spain's IBEX is down 0.3%.

Later today, we'll get the final Q4 estimate of Q4 US GDP. Economists estimate that the economy grew at a 2.7% rate driven by 2.7% growth in personal consumption.

As the GDP report is released at 8:30, we'll also get the latest weekly tally of initial unemployment claims. Economists estimate claims ticked up to 323,000 from 320,000 a week ago.

"Jobless claims have trended lower over the past few weeks and hint of a snap-back in hiring," noted Deutsche Bank's Joe LaVorgna."The 4-week moving average on claims for March 15, which corresponds to the employment survey period, fell -4k to 327k. This is a new post-recession low if we exclude the artificial drop last September which was due to a backlog in the processing of claims in California-the result of a changeover in computer systems. If inclement weather dampened hiring over the past few months, then jobless claims should trend lower, and they have."