U.S. Growth Disappoints, Stock Futures Dropping
NEW YORK (TheStreet) -- Stock future declines deepened Friday after a report showing less than expected first-quarter GDP growth.
The Bureau of Economic Analysis said that U.S. GDP increased 2.5% in the first quarter after rising 0.4% in the fourth quarter. Analysts, on average, were expecting 3% growth, according to a Thomson Reuters poll.
Futures for the S&P 500 were down 5.25 points, or 3.41 points below fair value, to 1,576.5.
The final estimate on the University of Michigan Consumer Sentiment Index, to be released at 9:55 a.m., is expected to come in at 73.2 in April versus the initial estimate of 72.3.
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The DAX in Germany was down 0.46% and the FTSE 100 in the UK was falling 0.52%. The Hong Kong Hang Seng index finished up 0.65% and the Nikkei 225 in Japan closed down 0.3%.
June crude oil futures were slipping 32 cents to $93.32 a barrel and June gold futures were up $3.40 to $1,465.40.
The benchmark 10-year Treasury was rising 6/32, diluting the yield to 1.688%. The dollar was down 0.06% to $82.69 according to the U.S. dollar index.
Written by Andrea Tse in New York
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