U.S. stocks headed for their first loss in three days on Wednesday, with futures falling after the final revision to first-quarter economic growth and as negotiations between Greece and its creditors hit another roadblock.
A government report showed the U.S. economy contracted by 0.2% in the first quarter, in line with estimates but less than the previously reported 0.7% decline.
Futures for the Dow Jones Industrial Average YMU5, -0.33% fell 80 points, or 0.4 %, to 17,992, while those for the S&P 500 index ESU5, -0.16% dropped 5.6 points, or 0.2 %, to 2,110.
Futures for the Nasdaq-100 index NQU5, -0.13% were down 11 points, or 0.2 %, to 4,530, easing back slightly after logging a record closing high for a second straight session on Tuesday.
On Tuesday, the U.S. benchmarks ended a choppy trading day in positive territory, lifted by optimism that Greece and its creditors were close to agreeing on a reform plan that could avert a default for the debt-laden country.
Negotiations continued on Wednesday, with Greek Prime Minister Alexis Tsipras preparing to meet lenders in Brussels. Media reports said Tsipras had told his government the creditors haven't accepted Greece’s latest reform proposal, adding pressure on European stocks as well as U.S. stock futures. Eurozone finance ministers are scheduled to hold a Eurogroup meeting on Greece at 7 p.m. Brussels time, or 1 p.m. Eastern Time.
U.S. data: The U.S. economy contracted by a revised 0.2% in the first quarter, a smaller decline than previously reported that mainly reflects higher consumer spending and a lower drop in exports.
Earnings: House builder Lennar Corp. LEN, +5.24% reported fiscal second-quarter earnings of 79 cents a share, beating forecasts of 64 cents a share. Shares rose 4.5 % ahead of the bell.
Agrochemical company Monsanto Co. MON, -1.52% beat on earnings but revenue fell short of expectations. Shares fell 1.3% premarket.
After the market closes, Bed Bath & Beyond Inc. BBBY, +0.21% is slated to report first-quarter earnings.
Movers and shakers: Shares of Netflix Inc. NFLX, +2.62% gained 3% premarket after the streaming-media company late Tuesday announced a seven-for-one stock split.
General Motors Co. GM, -0.99% fell 1.4% after Goldman Sachs cut the car maker to neutral from buy. The analysts said they’d rotated into Ford Motor Co. F, +1.31% which they upgraded to buy from neutral. Ford shares climbed 1.5% premarket.
Boeing Co. BA, -0.67% fell 0.5% after the aerospace company said Dennis Muilenburg will replace Jim McNerney as its chief executive officer. McNerney will continue to serve as Boeing’s chairman.
Other markets: Asian stock markets closed higher, with Japan’s Nikkei 225 index NIK, +0.28% ending at a more-than-18-year high.
The ICE dollar index DXY, -0.07% was down 0.2 % at 95.29 after the data. The greenback rallied 1.6 % against the euro on Tuesday, its largest one-day gain since May 19, after a strong new-home sales report and hawkish comments from Federal Reserve Governor Jerome Powell.
Oil futures were flat CLQ5, -0.41% and most metals crept higher
