Wall Street is focused on GDP data right now. But that's not the only thing going on in the markets.
Here are 4 things you need to know before the opening bell:
1. GDP data could show a contraction: The U.S. government is set to revise its first quarter GDP figures at 8:30 a.m. ET, and the numbers may show the U.S. economy contracted in the first three months of the year.
"There is market chatter that we could get a significant downward revision to the first estimate due to revised assessments of business investment, equipment spending and construction activity," wrote Deutsche Bank analyst Jim Reid, in a market report.
This would mark the first GDP decline since the start of 2011. But there's no need to freak out: a dip is expected and it does not necessarily signal the start of another recession. Economists are expecting a weak number because of a slump in spending, which can be blamed on cold winter weather.