U.S. stock futures drop as a skittish market waits for GDP data
Published: May 29, 2015 6:03 a.m. ET
U.S. stock futures were struggling to contain losses on Friday, pressured by European declines and some jitters ahead of revised growth data.
European stocks SXXP, -0.37% fell as a deadline approached for Greece to make a debt repayment to the International Monetary Fund.
Futures for the Dow Jones Industrial Average YMM5, -0.04% fell 66 points, or 0.4%, to 18,067, while those for the S&P 500 index YMM5, -0.04% dropped around 6.45 points, or 0.3%, to 2,115. Losses were slightly bigger for Nasdaq-100 index NQM5, -0.06% futures, which lost 20.50 points, or 0.5%, to 4,523.
Concerns about an interest-rate hike this year continued to chip away at Wall Street on Thursday, leaving moderate declines across the board. As May draws to a close, however, the S&P 500 SPX, -0.13% is up 1.7% for the month, while the Nasdaq Composite COMP, -0.17% has gained more than 3%. The week has largely been a losing one for stocks, outside of a slight gain for the Nasdaq.
Investors are waiting for revised first-quarter gross domestic product data (GDP), due at 8:30 a.m. Eastern Time. Economists expect growth to be downgraded from an earlier estimate of 0.2% gain to a fall of 1%. That’s “bad for the dollar, potentially good for the Dow and an interesting complication for the Fed,” said Connor Campbell, financial analyst at Spreadex.
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