FOX Business: Capitalism Lives Here
U.S. stock-index futures fell deeper into the red on Friday as traders responded to a disappointing reading on first-quarter gross domestic product.
As of 8:37 a.m. ET, Dow Jones Industrial Average futures fell 47 points to 14606, S&P 500 futures dipped 5.3 points to 1577 and Nasdaq 100 futures slid 11 points to 2833.
The broad S&P 500 notched a fifth day on its winning streak on Thursday -- and sits only 0.52% of its record high. The move up comes as traders have shaken off concerns about the global economy, and instead focused on generally upbeat corporate earnings.
The U.S. economy took center-stage on the day, however. The economy expanded at an annualized pace of 2.5% in the first quarter, up from 0.4% in the fourth quarter, according to a preliminary estimate from the Commerce Department. Economists expected the world’s biggest economy to grow at a pace of 3.0% in the first three months of 2013.
Among the variables impacting growth was the across-the-board payroll tax hike that went into effect last quarter.
Later in the morning, at 9:55 a.m. ET, Reuters and the University of Michigan unveil their final reading on consumer sentiment for the month of April. Economists expect the closely-watched gauge to have ticked up to 73.2 from 72.3 earlier in the month.
The earnings docket is relatively light on the day. Blue-chip energy behemoth Chevron (NYSE:CVX) is set to report before the opening bell. Online retailer Amazon.com (NASDAQ:AMZN) revealed mixed results after the close of trading on Thursday, with profits zipping by expectations, and sales coming in shy.
Energy futures were mildly lower. The benchmark U.S. oil contract slipped 49 cents, or 0.52%, to $93.16 a barrel. Wholesale New York Harbor gasoline dipped 0.17% to $2.81 a gallon. In metals, gold rose $1.80, or 0.12%, to $1,464 a troy ounce.
The Euro Stoxx 50 fell 0.79% to 13884, the English FTSE 100 dipped 0.51% to 6410 and the German DAX slipped 0.32% to 7808.
In Asia, the Japanese Nikkei 225 slumped 0.3% to 13884 and the Chinese Hang Seng climbed 0.65% to 22548.