Google I/O, GDP revision and more: What to watch next week

It’s Friday, which means our Midday Movers panel has weighed in about what to watch in the coming week. So go enjoy the beach, lake, or backyard BBQ this weekend and when you come back on Tuesday pay attention to these.

Mike Santoli - Russell rebalancing
Once a year all the Russell indexes get a fresh rebalancing. The next such event comes Friday. “Wall Street front runs this thing. They try to figure out who’s gonna be in who’s gonna be out,” Santoli says. The most watched of the indexes, the Russell 2000 (^RUT) small cap, has lagged the broader market and failed to mimic the new highs of the bigger indexes. Still, Santoli notes that “in terms of its price performance is also one of the key tells for the market right now.”

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Lauren Lyster - GDP revision
The initial number for Q1 GDP was a lackluster-at-best +0.2%. Economists have spent the last month lowering the bar ahead of next week’s revision. The consensus is now for a GDP reading of -0.9%.

“This comes as there are other concerns about weak economic data so everybody will be watching for how that comes in,” Lyster says.

Andy Serwer - Google’s I/O conference
Yahoo Finance’s Editor-in-Chief will be heading west next week to the annual Google (GOOGL) developers' gathering - the I/O conference. The tech blogosphere is buzzing with guesses as to what will be announced. Most expect an update to the Android operating system, a focus on wearables and perhaps some update on things like Chromecast and driverless cars.

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