S&P futures vs fair value: -7.6. Nasdaq futures vs fair value: -3.0.

As expected, Q2 GDP was revised higher. The preliminary read checked in at 4.0% (consensus 4.1%), up from an advance read of 3.1%.

The chain deflator, a key inflation measure, remained unchanged at 2.7%, matching economists' forecasts. Initial claims rose 9K to 334K (consensus 320K), the highest since mid April but still reflective of healthy labor conditions.

The response in stocks has been modestly positive, but underlying credit issues still leave the futures market languishing below fair value and suggests investors will take some of yesterday's broad-based gains off the table.