Market update: GDP loses 9.5%, jobless numbers up 1.4 million,

Stocks fell this morning as investors played off the news that the U.S. GDP dropped 9.5% in the second quarter, which if sustained would mean an annual decline of nearly 33%. The S&P 500 fell 1%, and the Dow steadily declined close to 450 points after the opening bell.

Big Tech stocks also dipped this morning, including Amazon, Apple, Facebook, and Google parent company Alphabet. Each company will release earnings reports this morning. 

Chief investor at The Bahnsen Group, David Bahnsen, is saying markets didn't react as poorly as they might have to the GDP drop because they are predicting a more optimistic future.

"The market's fundamental task is looking at economic data with a view to the future and pricing in that impact to corporate profits," said Bahnsen. "Investors should be prepared for a choppy process of data digestion, but not be surprised that the market feels the future is better than the present and that unprecedented stimulus and liquidity exist to drive valuations.

In the nation's capital, Democrats and Republicans are negotiating another coronavirus relief package, as enhanced jobless benefits are set to expire on Friday. 

On Wednesday evening, White House Chief of Staff Mark Meadows told reporters, "We're nowhere close to a deal." He had spent the day meeting with Treasury Secretary Steven Mnuchin, Speaker of the House Nancy Pelosi, and Senate Majority Leader Mitch McConnell. 

Republicans reportedly wish to cap spending on the new bill at close to $1 trillion, while Pelosi has made it clear that she will reject the "skinny bill," hoping instead for a package worth closer to $3.5 trillion.