“We brought fourth quarter up to 3 percent,” Gapen said.
The impact of the hurricanes is not expected to slow the Fed, which was a focus in markets Thursday, as traders continued to discuss what they construed as hawkish comments from Fed Chair Janet Yellen Wednesday afternoon.
Treasury yields rose Wednesday, with the 10-year reaching 2.31 percent. Yields also rose on the prospect that the Republican tax plan may require more government spending and borrowing, which would pressure interest rates. Stocks rallied, with banks helping lead gains on the prospect of higher interest rates, which boost profits.
Besides GDP, the advance goods trade balance is due at 8:30 a.m.
There are also jobless claims. The weekly data have been impacted by the hurricanes, surging over the last month as residents of Florida and Texas were unable to get to work. The expectation is for 270,000, but Gapen expects just 250,000 with less impact from hurricanes disrupting workers.
There are Fed speakers Thursday, including Kansas City Fed President Esther George, who speaks at a banking forum at 9:45 a.m. ET, and Fed Vice Chair Stanley Fischer, who speaks at a Bank of England conference at 10 a.m. ET.
Earnings are expected from Accenture, Conagra, Rite Aid and Vail Resorts.