U.S. stock-index futures fell, as equities head toward monthly gains, after data showed the economy contracted in the first quarter. Standard & Poor’s 500 Index E-mini contracts expiring next month slipped 0.3 percent to 2,116 at 8:41 a.m. in New York. The underlying index is poised for its first weekly drop in four. It has still advanced 1.7 percent this month, closing at a fresh record last week. The Nasdaq Composite Index and the Dow also rose to all-time highs in May. “We really need to get a sense of the strength of the U.S. economy, or at least an assurance that we’re not in for a more serious slowdown,� said Teis Knuthsen, chief investment officer at Saxo Bank A/S’s private-banking unit in Hellerup, Denmark. “It’s been a bit tricky this month with a number of worries in the market -- everything from concerns about the Fed and the weakness in the U.S. economy, to problems in Greece.� Gross domestic product in the U.S. shrank at a 0.7 percent annualized rate, revised from a previously reported 0.2 percent gain, according to Commerce Department figures issued Friday in Washington. The median forecast of economists surveyed by Bloomberg called for a 0.9 percent drop. Benchmark gauges yesterday pared their best monthly gains since February as investors awaited progress on Greek debt talks and assessed the strength of the U.S. recovery. Economists forecast growth will rebound enough from the first-quarter slowdown for the Federal Reserve to increase interest rates in September. Fed officials are among those who believe the setback in growth will be temporary, helping explain why they are considering raising interest rates this year. Fed Bank of St. Louis President James Bullard warned Thursday that keeping interest rates near zero risks inflating asset-price bubbles, saying officials should raise borrowing costs this year as the economy improves. A separate report later this morning may signal a smaller drop in May consumer sentiment than initially projected, according to economists’ forecasts.

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