Here Comes GDP...

At 8:30 a.m. ET, we'll get the first estimate of US GDP growth in the final three months of 2014.

Economists estimate GDP climbed at a 3.0% pace in Q4, driven by a 4.0% bump in personal consumption.

From Morgan Stanley's Ted Wieseman: "A surge in consumption supported by plunging gasoline prices should take the lead from slower business investment after substantial upside in mid-2014 to keep private final domestic demand running near the 4% pace posted in Q3. We see consumption growth accelerating to 4.0% from 3.2% in Q3, boosted by a nearly 5% gain in aggregate real wage and salary income. That would be the largest PCE gain in four years and second largest in eight years, and with the decline in energy prices accelerating in January, strong growth will likely continue in Q1."

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