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1:00 pm : An in-line third quarter GDP revision and an in-line quarterly report from Hewlett-Packard have failed to inspire participants. As a result, stocks have spent the entire session trading with modest losses. 

A better-than-expected consumer confidence reading of 49.5 for November helped stocks trim their losses in the early going, but that was short lived.

According to the second official reading of third quarter GDP, economic output increased 2.8% in the third quarter, as expected. Personal consumption was revised downward to reflect a 2.9% increase, which is not as strong as the 3.2% increase that was widely expected.

Dow component Hewlett-Packard (HPQ 50.06, -0.96) brought little surprise to participants by unveiling last evening quarterly earnings of $1.14 per share, which reflected its preannouncement. The company also affirmed an in-line outlook, which it had recently raised. Still, the stock has been contending with sellers for the entire session.

A fluctuating dollar has limited leadership in the broader market. The greenback had been fractionally lower in the early going, but has since bounced to trade with a slight gain. That move was especially problematic for materials stocks, which have also been hampered by declines among commodities prices amid the greenback's rebound. Materials stocks are currently down 0.9%.

Financials are also down 0.9%, though. The sector's weakness has hampered any of the broader market's attempts to pare losses. DJ30 -47.62 NASDAQ -13.38 SP500 -3.74 NASDAQ Adv/Vol/Dec 800/1.03 bln/1819 NYSE Adv/Vol/Dec 1036/447 mln/1914

12:30 pm : Dow component Hewlett-Packard (HPQ 50.06, -0.96) has been a steady laggard this entire session as a lack of positive surprises in its latest quarterly report has given way to selling pressure. The company announced last evening quarterly earnings of $1.14 per share, which is in-line with its preannouncement. The company also went on to affirm an in-line outlook, which had recently been raised.

Other earnings announcements that have received less coverage include the latest results from H.J. Heinz (HNZ 43.18, +0.01), which posted better-than-expected adjusted earnings of $0.76 per share for its latest quarter. The company also raised its outlook for fiscal 2010.

Fellow food processing outfit Hormel Foods (HRL 38.16, -0.73) topped the consensus earnings estimate by bringing in $0.77 per share and even issued upside guidance. The company went one more step by raising its annual dividend to $0.84 per share from $0.76 per share.DJ30 -41.80 NASDAQ -11.57 SP500 -3.43 NASDAQ Adv/Vol/Dec 839/952 mln/1759 NYSE Adv/Vol/Dec 1074/412 mln/1862

12:00 pm : Materials stocks continue to grapple with stiff selling, which has taken the sector to a 0.9% loss. It is not alone there, though; financials are also down 0.9%. The financial sector's weakness stems from pressure against diversified banks (-0.8%), but especially from losses among diversified financial services stocks (-1.5%). Regional banks had been grappling with considerable pressure, but during recent action they managed to turn losses in excess of 1% into a more modest decline of 0.4%.

Meanwhile, telecom stocks have more than halved their gains. The sector is currently up 0.5% after sporting a gain of roughly 1.3% at its session high. Still, integrated telecom (+0.8%) continues to show strength.DJ30 -45.20 NASDAQ -12.01 SP500 -3.28 NASDAQ Adv/Vol/Dec 788/868 mln/1794 NYSE Adv/Vol/Dec 1027/374 mln/1870

11:30 am : After an upward move toward the neutral line, stocks have started to add back to their losses. The reversal comes as the U.S. dollar garners support and makes its way to a 0.2% gain against a basket of foreign currencies.

In addition to the broader market, the greenback's bounce has undercut commodities prices. That has the CRB Commodity Index down a sharp 1.1%. Amid the slide in commodities and the broader equity market, the materials sector has been left to grapple with particularly stiff pressure. The sector is now down 1.1%. DJ30 -51.92 NASDAQ -13.07 SP500 -4.33 NASDAQ Adv/Vol/Dec 711/777 mln/1838 NYSE Adv/Vol/Dec 924/331 mln/1943

11:00 am : The major indices have trimmed their losses so that the S&P 500 is less than two points away from positive territory. The upturn has been particularly kind to telecom stocks, which are now the best performing sector as they sport a 1.2% gain. That advance extends the sector's 2.6% gain from the previous session.

Still, with just 3%, telecom makes up the smallest share of the S&P 500's market weight. That has kept the sector from providing much in terms of actual leadership.

Meanwhile, financials are creating a considerable drag. The sector makes up some 14% of the S&P 500's market weight, second only to tech's 19% weighting, and is down 0.8%.DJ30 -28.80 NASDAQ -10.03 SP500 -1.68 NASDAQ Adv/Vol/Dec 750/656 mln/1764 NYSE Adv/Vol/Dec 1013/274 mln/1810

10:30 am : Select commodities are seeing notable weakness and pushing to fresh lows as the US Dollar Index recently rose to new pit trading highs.

January crude oil fell just over $1 in recent trading on the strength in the dollar, pushing it to new session lows of $75.60 per barrel. Currently crude is trading just above those levels at $75.84 per barrel, down 2.2%.

Dec natural gas pushed into negative territory earlier this morning and hit fresh session lows just over an hour ago at $4.361 per MMBtu. Natural gas is currently trading near lows at $4.381 per MMBtu, down 2.1%.

Dec gold is back near the flat line after trading in positive territory this morning, while December silver is displaying much more weakness as it trades just above recently hit lows

 of $18.33 per ounce. Currently, gold is trading 30 cents highs at $1165.00 per ounce, while silver is 1.2% lower at $18.39, just above lows of $18.33 per ounce.DJ30 -69.61 NASDAQ -17.50 SP500 -6.53 NASDAQ Adv/Vol/Dec 558/480.8 mln/1883 NYSE Adv/Vol/Dec 668/204.0 mln/2110

10:00 am : Stock futures have made an abrupt, though modest, rebound on better-than-expected consumer confidence data. Just ahead of "Black Friday," which immediately follows Thanksgiving and is considered one of the busiest days for retailers, the November Consumer Confidence Index came in at 49.5. That was better than the 47.5 that was widely expected, but down from the 48.7 that had been posted in October.

The numbers have helped prop up shares of retailers, which are up with a fractional gain in the face of broader market weakness.

Advancing Sectors: Telecom (+0.6%), Health Care (+0.1%)
Declining Sectors: Financials (-0.9%), Energy (-0.8%), Industrials (-0.7%), Materials (-0.7%), Tech (-0.7%), Consumer Discretionary (-0.3%), Consumer Staples (-0.2%), Utilities (-0.2%)

Early movers: Trading up -- IWA +24.2%, SEED +11.8%, DSW +10.4%, FEED +9.6%, MDT +7.8%, CBRL +6.9%, ZLC +6.4%; Trading down -- WH -22.4%, NYNY -10.4%, ABIO -9.5%, ING -6.2%DJ30 -48.75 NASDAQ -12.72 SP500 -4.20 NASDAQ Adv/Vol/Dec 561/286 mln/1766 NYSE Adv/Vol/Dec 581/113 mln/2092

09:45 am : The health care sector and telecom sector are both up 0.4% and are the only two major sectors to sport gains. In turn, the weight of the other sectors' losses have taken the broader market to a moderate loss.

Meanwhile, the Dollar Index continues to trade with a fractional loss, which hasn't done much to support the broader market. It hasn't done much for commodities, either; in turn, the CRB Commodities Index is down 0.3%. DJ30 -30.31 NASDAQ -3.78 SP500 -2.20 NASDAQ Adv/Vol/Dec 801/155 mln/1372 NYSE Adv/Vol/Dec 891/70 mln/1666

09:15 am : S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: -0.30.  The second estimate of third quarter GDP proved to be in-line with expectations, while in-line earnings from Dow component Hewlett-Packard (HPQ) have kept stock futures trading relatively flat this morning. In turn, tepid start to the session is expected. Things could remain subdued ahead of the Thanksgiving holiday on Thursday, but there are still plenty of trading catalysts to spur participants into action. At 10:00 AM ET is the latest Consumer Confidence Index and at 1:00 PM ET are the results from an auction of 5-year Notes, while 2:00 PM ET brings the minutes from the FOMC's November 4 meeting.

09:05 am : S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: -0.30.  The S&PCaseShiller Home Price Index for September came in at 146.5, which in-line with the 146.9 that was widely expected. Meanwhile, the 20-city composite for September fell 9.4%, which is worse than the 9.1% decline that many had expected. The latest downturn follows an 11.3% decline in September. The data comes as stock futures move up a few points, but futures continue to point to a flat start for the major U.S. indices. Europe's major bourses recently turned lower so that Germany's DAX now trades with a 0.2% loss. Deutsche Bank (DB) is a primary laggard at the moment. Overall, declining issues outnumber advancers by 2-to-1, despite confrimations that Germany's economic recovery accelerated in the third quarter as its GDP expanded 0.7% from the previous three months. In France, the CAC is down 0.1% as decliners and advancers strike an even balance. Carrefour is a primary leader, but BNP Paribas is a primary leader. Britain's FTSE has managed to muster a fractional gain. Banks are seeing mixed interest as Barclays (BCS) boasts a gain, but HSBC (HBC) and Standard Chartered lag. Lloyds Group (LYG) is also up, though the company priced the largest rights issue ever at a 60% discount to the previous session's closing price. Separately, reports indicate that new industrial orders in the 16 countries that use the euro climbed for the sixth consecutive month in September by rising 1.5% from August. In Asia, Japan's Nikkei fell 1.0% to its lowest close in four months. Banking shares were sold concertedly amid concerns regarding equity raises. However, Fanuc LTD and Daikin Industries were among the primary decliners. Overall, declining issues outnumbered advancers by 5-to-1. Such broad losses came despite news that the Bank of Japan raised its assessment of the nation's broad economy for the third consecutive month, but the economic upgrade doesn't signal a change in the bank's easy monetary stance. In Hong Kong, the Hang Seng surrendered 1.5% as many participants took profits in the wake of recent rallies. Chinese banks were also pressured by concerns of capital-raises. According to reports, some regulators want higher capital ratios. Bank of China fell after acknowledging that it is studying ways to raise capital, though it had no immediate plans to do so. In mainland China, the Shanghai Composite fell 3.5%. Its B-Shares plunged amid rumors regarding possible mergers of B-shares with the coming international board. According to Dow Jones, China brushed off increasing international pressure for the yuan to appreciate, but officials said the local unit will basically be kept stable while increasing the market's role in setting the yuan's exchange rate. Meanwhile, the MSCI Asia Pacific Index closed 0.3% lower.

08:35 am : S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: -4.30.  Stock futures have surrendered a couple of points in the wake of the second official estimate of third quarter GDP. The data showed an increase of 2.8%, which in-line with what was widely expected, but down from the 3.5% increase that was posted as part of the advance GDP estimate. Personal consumption was revised downward to reflect a 2.9% increase, which is not as strong as the 3.2% increase that was widely expected. Core personal consumption expenditures were revised modestly lower to reflect a 1.3% quarter-over-quarter increase, but that wasn't quite as strong as the 1.4% increase.

08:00 am : S&P futures vs fair value: +1.40. Nasdaq futures vs fair value: -0.50.  Stock futures for the S&P 500 and the Nasdaq are relatively flat as the U.S. dollar makes a fractional move into the red. Overseas action has also been mixed. That has the Dow Jones Euro Stoxx 50 in a sideways drift, though Asian markets already logged losses, led by a 3.5% drop in the Shanghai Composite after a lack of market-supportive steps from the government sparked profit-taking. Only a few companies have recently been out with earnings results. Among them, though, is Hewlett-Packard (HPQ). The company posted in-line earnings and reaffirmed its outlook. The lack of positive surprise has put moderate pressure on the stock in premarket trade; it was last quoted 0.7% lower at $50.65 per share. There are still plenty of trading catalysts to come. At the bottom of the hour is the second estimate of third quarter GDP, a S&P CaseShiller Home Price Report for September will follow (9:00 AM ET), then the November Consumer Confidence Index (10:00 AM ET) and the minutes from the most recent FOMC policy meeting (2:00 PM ET).

06:21 am : S&P futures vs fair value: +0.90. Nasdaq futures vs fair value: -0.80.  

06:21 am : Nikkei...9401.58...-96.10...-1.00%. Hang Seng...22423.14...-348.30...-1.50%.

06:21 am : FTSE...5363.51...+8.00...+0.20%. DAX...5799.63...-1.90...0.00.