Stocks are jumping for the second day in a row. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $138.42, +1.52 (+1.11%). This strong move up is coming prior to major economic and earnings news in the next 24 hours.
Today, after the markets close, Google Inc (NASDAQ:GOOG) will report earnings. Wall Street estimates expect a profit of $9.64. The whisper number is for a profit of $9.87. This is the first major technology earnings report of the season and will shape the action tomorrow. Last quarter Google took a major hit after disappointing Wall Street.
Tonight, China will report its GDP numbers. There is a rumor on the street that they will be better than expected. This is likely the cause to the rally today. Caterpillar Inc. (NYSE:CAT) is surging as well which gives credence to the rumor on China GDP. CAT is very reliant on strong China growth to excel.
Tomorrow morning, the first major bank will report earnings. JPMorgan Chase & Co. (NYSE:JPM) is expected to report earnings of $1.17 with a whisper number at $1.20.
As it stands now, China GDP will be of great importance for the entire global economy. In addition, the technology sector and financial sector will be rocking one way or another. While often quiet on a Friday, tomorrow should be very exciting.