The government will release its first estimate of U.S. third quarter GDP at 8:30 a.m. ET, as well as its weekly report on initial jobless claims.
In Europe, it's all about the European Central Bank. The ECB said it cut a key interest rate to 0.25%, a sign of how fragile the European economic recovery is. European stock markets made modest gains at midday, keeping them near five-year highs.
Some market participants are expressing concerns that stocks have become overly inflated, with investors bidding shares higher as the Federal Reserve continues pumping money into the financial system
"The list of smart and influential investors raising doubts about the health of the market increases almost as quickly as the stock market itself," said Mike O'Rourke, chief market strategist at JonesTrading.