U.S. stock futures fell on Friday ahead of third-quarter growth data, as investors remained preoccupied with the potential for quantitative easing next week.
Less than two hours before the start of trading, Dow Jones Industrial Average futures were 30 points lower at 11019. The S&P 500 futures fell 5.7 to 1173.6, and Nasdaq 100 futures lost 4.75 points to 2121. Changes in futures don't always accurately predict early market moves after the opening bell.
"Trading has been choppy all week," said David Jones of IG Index. "Markets got ahead of themselves the last few weeks as they were driven by expectations on QE and the Fed bailout, but now expectations are lower ahead of the Fed meeting next week."
"Markets are nervous ahead of the U.S. GDP figures as well, and people are questioning if there is enough momentum left in the market. The economic recovery is still jittery and we are seeing volatility because of the broader economic picture. We could see a negative conclusion to the end of trading Friday," Mr. Jones added.
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On the economic front, data on third-quarter U.S. gross domestic product are due at 8:30 a.m. Economists polled by MarketWatch expect an annual gain of 2.1%. Then at 9:45 a.m., Chicago PMI for October is due for release, while consumer sentiment for October is scheduled to come out at 9:55 a.m.
Earnings season continues, with results from Merck, Chevron and Pepco slated to release results before the bell.
Shares of Microsoft were up 2.7% in thin premarket trading after the company posted a 52% gain in first-quarter profit late Thursday.
In Europe, stocks were in the red, with shares of British Airways leading London south after it reported a six-month profit, but offered a cautious outlook.
The dollar also firmed up against most rivals, except for the Japanese yen, while futures of precious metals and crude oil trading lower.
On Thursday, stocks finished mixed, with shares of 3M falling nearly 6% after the conglomerate lowered its sales forecasts for the year, partly due to softer demand.
