The U.S. government's first estimate of second-quarter GDP showed the economy grew at a 1.7% annual rate. That was an improvement over the first quarter, which grew at a 1.1% annual rate.
Ahead of the GDP figures, payroll processor ADP said the private sector added 200,000 jobs in July. Economists had expected 175,000 jobs. The ADP report is often viewed as a precursor to the government's monthly report, due Friday.
That report is expected to show 180,000 jobs were added in July, according to a CNNMoney survey of economists.
Later in the day, all eyes will be on the Fed.
The Fed will release a statement around 2 p.m. ET that could provide more insight into the current mindset of policymakers.
The Fed's various stimulus programs have played a big role in fueling the current bull market, and investors are looking for any hints about how and when its latest $85 billion-a-month bond buying spree might ease.