The Market On Friday

  Good morning. It is a muggy 72 degrees and it is cloudy here in the Upper Hudson Valley. The forecast predicts a partly cloudy day with temperatures in the high 80s this afternoon. Well the news of the morning has to be the DNC, and last night's speeches topped off with Hillary Clinton's acceptance speech. I watched in it's entirety from about 8 p.m. on. I cannot gauge the mood of the entire country as a whole but I would suspect that some people were favorably taken by last night. How about the Muslim mom and dad of the fallen soldier and his offer to share his copy of the Constitution. Republicans speaking out against Trump, it was quite a presentation, and Clinton delivered a very strong speech. I was prepared to not be overly impressed because Hillary Clinton up to this point is not a great campaigner but she may very well have turned the corner on that. The speech was captivating and inspiring. We have a distinct difference going on here, the RNC seemed like a wake for a long gone comrade, the DNC was cheerful, celebratory, and motivating.

  At 9:00 a.m. ET futures are moderately lower and the price of oil per barrel is down. The market is poised to open lower.

  That pesky first report on the second quarter GDP came through this morning with lower than expected numbers. The global economy is sputtering along, hanging on. Enjoy the weekend!

CNN: Stocks: 6 things to know before the open by Alanna Petroff

Investors are set to find out how well the U.S. economy performed in the second quarter. The first estimate of national GDP is due at 8:30 a.m. ET from the Bureau of Economic Analysis.

CNBC: Futures mixed after GDP miss; energy stocks weigh

The advance read on second-quarter GDP showed a 1.2 percent annualized growth rate, well below expectations for 2.6 percent. Consumer spending, which accounted for most of the GDP rebound in the second quarter, increased at a 4.2 percent rate, the fastest since the fourth quarter of 2014, Reuters said. Consumer spending accounts for more than two-thirds of U.S. economic activity,