MIDDAY LUNCH

Dow 10427.65  -39.51, Nasdaq 2248.03  -3.66, S&P 1097.99  -3.54 

The markets are struggling to get into positive territory today, the weakness stems largely from smaller-than-expected second quarter GDP growth.

Economists were looking for the Q2 preliminary GDP to come in at +3.0% and were disappointed when it came in at only +2.4%.  This combined with other recent economic data suggested to traders that the economy is slowing down.

On the plus side the Chicago PMI and University of Michigan Consumer Sentiment Survey came in stronger than expected.

Commodities are strong today; the CRB Commodity Index is up +0.9%.  Precious metals are leading the way, with gold up +2.3%.