The Russell 2000 (NYSE:IWM) is expected to open slightly higher after the morning’s GDP report averted fears that the U.S. economy slipped into a recession in the first quarter. The figure came out up 0.6%, which was slightly above the median market forecast and comfortably above a negative number that would have earmarked an “official” recession.

The market appeared to breathe a sigh of relief after the GDP report, and moved solidly into the green, with S&P 500 futures gaining about four handles in 10 minutes after the 8:30 a.m. ET report release.

Small caps reflected that same advance, rising from flat to 0.3% higher, which would suggest a cash opening near 721. For most of the overnight session, stocks were flat, but things took a turn downward in the European trading hours as . . .

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