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On the issue of federal adjustments to numbers, I have the following two
observations. First, there are various "favorite" or "watched" numbers, and
these vary over the years and months. (When I started out, M1, M2 etc. were
the key numbers that moved the markets.) Today, GNP is somewhere in the top
group, but not at the top, in part because traders believe it is a really
lagged number - e.g., current companies' earnings and sales reports, auto
sales, etc. give a better handle of the current state of the economy. Second
observation: Revisions in prior numbers are generally a yawn to the markets.
I couldn't tell from your post if you think 1st quarter GDP will be
adjusted, or an overall adjustment, or an adjustment reflecting the 2nd
quarter GDP. I suspect you mean 1st quarter, thus a yawn. If 2nd quarter
GDP is a screamer (say, above 4%), the bond market for sure will be spooked
(and go down) but I don't have a clue as to what stocks would do.
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