A.M. Update

S&P futures are down -1.25%.  Q1 GDP unexpectedly collapsed to just 1.6%, down more than 50% from the Q4 print of 3.4% and a huge miss to the 2.5% estimate. While it may seem that this is a shocker, I’m not so shocked. Unlike Q4 GDP and the ridiculous 1.6% deflator (inflation measure) the BEA…