Here comes GDP ...

The Department of Commerce will at 8:30 a.m. ET release its second estimate of US gross domestic product in the third quarter.

Economists forecast that the value of everything produced and every service rendered during the quarter grew at a 3% annualized rate. Last month, GDP was reported at 2.9% based on incomplete data.

The preliminary report showed that most growth in the quarter came from stronger exports and business inventories. Soybean exports surged as poor harvests in the largest South American exporting countries gave US producers a gap to fill.

Personal consumption is expected to be revised up to 2.3% from 2.1%. This report will include the first snapshot of corporate profits in the third quarter.

The data is expected to show economic growth that's sufficient enough to keep the Federal Reserve on track to raise interest rates at its meeting next month.

More to come ...