Second quarter GDP growth was revised downward today by the Commerce Department.
The economy grew at a 1.0% annual rate in the second quarter, compared to a prior estimated of 1.3%.
The downward revision met economist forecasts.
Consumer spending, however, was upwardly revised to an increase of 0.4% compared to an initial reading of 0.1% growth.
The anemic growth may heighten fears of a double-dip recession.
All eyes in the market are turned towards Fed Chairman Benjamin Bernanke’s speech at Jackson Hole today.
The SPDR S&P 500 (AMEX:SPY) is trading down .5% following the data, and ahead of the speech.
The Consumer Staples Select Sector SPDR Fund (AMEX:XLP), with top stocks Procter & Gamble (NYSE:PG) and Phillip Morris International (NYSE:PM) is trading down over .4% Friday.
The Consumer Discretionary Select Sector SPDR Fund (AMEX:XLY) is trading down over .4%.
Top stocks in the fund include McDonald’s (NYSE:MCD) and Amazon.com (NASDAQ:AMZN).
The iShares Down Jones U.S. Industrial Sector Index Fund (AMEX:IYJ) is trading down .8% Friday, on the backs of top stocks General Electric (NYSE:GE) and United Technologies (NYSE:UTX).
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