U.S. stock futures edged lower Friday, ahead of several data releases, including revised growth data for the first quarter, which will provide another gauge of U.S. economic health.
S&P 500 futures fell 2.8 points, or 0.1%, to 2118.90. E-mini Dow futures lost 16 points, or 0.1%, to 17118. E-mini Nasdaq-100 futures declined 9.5 points, or 0.2%, to 4533.25. Changes in stock futures don't always accurately predict moves in the stock market after the opening bell.
On Friday, the Commerce Department will report its second reading on U.S. economic output for the first quarter. The initial reading of first-quarter gross domestic product showed the U.S. economy slowed sharply, growing at just 0.2%. Economists surveyed by The Wall Street Journal expect that to be revised downward to a 1% contraction in Friday's reading.
If that is the case, it will support other data that has indicated the U.S. economy hit a soft patch in the first quarter. Though it isn't good news for the economy, the stock market has tended to rise on this news, as it helps solidify expectations for the Federal Reserve to delay raising interest rates, which some investors worry may hurt stock performance.
"The market is overly focused on the potential rise in interest rates," said Robert Pavlik, chief market strategist at Boston Private Wealth, which manages $9 billion. He said investors should instead be eyeing at more forward-looking economic indicators, such as the Chicago Business Barometer, a survey of Chicago area purchasing managers that provides insight on companies' business plans.
Also released Friday is a final reading for May on the University of Michigan consumer sentiment index. The preliminary reading showed consumers turned more skeptical about the economy in early May.
European stocks traded lower Friday amid fresh worries about Greece and its likelihood to secure a deal with its international creditors.
International Monetary Fund Managing Director Christine Lagarde said in a German newspaper interview that a Greek exit from the euro is a possibility, contradicting comments from European Central Bank officials. The Greek government, meanwhile, said Thursday that it aims to have a deal in place to secure fresh financing by Sunday.
Germany's DAX fell 0.6%, and France's CAC 40 dropped 0.7%.
So far this week, stocks have bounced around as investors grappled with news out of Greece, a mixed bag of economic data and a wave of new merger announcements.
On Thursday U.S. stocks slipped, a day after the Nasdaq Composite hit a record. The Dow Jones Industrial Average lost 36.87 points, or 0.2%, to 18126.12. The S&P 500 declined 2.69, or 0.1%, to 2120.79. The Nasdaq Composite Index sank 8.62, or 0.2%, to 5097.98
The U.S. stock market has been fairly placid over the past month, with stocks inching higher and touching fresh records on muted trading volumes. For the month, the Dow Jones Industrial Average is up 1.6% through Thursday's close. The S&P 500 is up 1.7%.
In other markets, gold futures slipped a fraction to $1188.50 an ounce. The yield on the 10-year Treasury note fell to 2.124% from 2.132% on Thursday. Yields fall as prices rise.
