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NYSE Morning Update:

Ahead of the Bell: Dow futures are trading up 14 points and S&P futures are trading up 2 points. Expectations of monetary easing by the European Central Bank is driving global shares higher. Investors are betting that the ECB will unveil new stimulus measures in the form of interest rate cuts and new long-term cash for banks to lend to small and medium-sized firms. According to reports, ECB policy officials have opened the door to a rate cut, effectively charging banks to hold cash at the central bank’s overnight facility. Bond markets around the globe have pushed yields to the lowest levels in a year on growing evidence central banks can keep stimulating economic growth without igniting inflation.

• On the economic calendar today, a second reading of first quarter GDP will be out before the market opens, it is forecast to be -0.5% compared with 0.1%. Weekly jobless claims will also be out before the opening bell and its expected to be 317K versus 326K for the week prior.
• Yesterday, stocks fell on speculation the US economy shrank 0.5% last quarter, following a preliminary estimate of 0.1% annualized growth.
• The dollar is up against the Japanese yen and down against the euro and the British pound. Gold is trading at $1,252. Crude oil is currently trading at $102 a barrel.
• On CNBC this morning, Ken Langone, Co-founder of Home Depot and Chairman, President, and CEO of Invemed Associates, Inc., discussed the pulse of the consumer. Langone said there is no inflation but the economy is not strong. All this talk about a robust economy, Langone said he is not seeing it. The housing rental market is booming because people can’t afford to buy a house; the younger generation is renting. Banks are facing a tremendous amount of regulation. He added this is the price we will pay for “this insanity of regulation” on businesses.