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.
The first estimate of GDP from late April showed the U.S. economy grew by 0.1% in the first quarter.
The government will also release weekly jobless claims numbers at 8:30 a.m.
2. Market direction: U.S. stock futures were slightly higher Thursday, and not far from record-setting territory. Any surprise in the GDP figure could shift market sentiment.
Apple ( shares were modestly higher in premarket trading after the technology giant announced that it was buying headphone-maker )Beats for $3 billion.
U.S. stocks closed slightly lower Wednesday. The S&P 500 retreated from an all-time high, while the Dow Jones Industrial average fell 42 points and the Nasdaq dropped just under 0.3%. But it was still the fourth-highest close ever for the Dow.
3. Ready for more earnings: Costco ( has issued its latest quarterly results, showing sales increased but profit came in slightly below expectations. )
Abercrombie & Fitch ( will also report earnings before the opening bell. )
Retailers Guess ( and )Pacific Sunwear ( will report after the close. )
Asian markets mostly closed in the red Thursday.
Japan's Nikkei index bucked the trend and edged up by 0.1%. Japanese investors shrugged off retail sales data from April showing consumers were cutting back on their shopping after a sales tax hike.