Markets will be watching economic data and whether Amazon can break $1,000

With Nasdaq at a record high, could give it even more of a boost Friday if it breaks the $1,000 milestone for the first time.

Otherwise, Friday is expected to be relatively quiet ahead of the three-day Memorial Day weekend. There are durable goods and first quarter GDP, both at 8:30 a.m. ET, as well as PMI service sector data and consumer sentiment at 10 a.m.

President Donald Trump attends the G-7 meeting in Sicily, and traders will also be watching for any new developments in the investigation into Trump campaign ties to Russia after reports that Trump’s son-in-law, Jared Kushner, is now under FBI scrutiny.

Amazon, up 32.5 percent year-to-date, gained 1.3 percent to close at $993.38 Thursday, as investors continued to gravitate toward the big cap tech names that have been dramatically outperforming. Amazon edged up to $999 Thursday before giving back some of its gains. Analysts have an average 12-month price target of $1,095 on the stock.

Other big tech names were also higher Thursday and are up sharply for the year. Apple is up 33 percent year-to-date, Netflix is up 31.7 and Alphabet is up 25.2 percent so far this year. Nasdaq was up 42 points Thursday to a record 6,205, while the S&P 500 jumped 10 to 2,415, also a new high. The Dow was up 70 at 21,082.

Before market pros head out Friday, focus will be on the economic data.

Economists on Thursday slashed second quarter GDP forecasts, based on April trade and inventories data. Many also revised down their forecast earlier this week because of weakness in new home and existing home sales data. According the CNBC/Moody’s Analytics Rapid Update, economists…

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