U.S. stock-index futures retreated as economic growth reinforced a case for higher interest rates, and earnings from Facebook and Procter & Gamble disappointed.
Futures for the Dow Jones Industrial Average slipped 8 points, or 0.1 percent to 17,673, while those for the S&P 500 index fell 0.1 percent to 2,100. Futures for the Nasdaq 100 index rose 0.1 percent to 4,569.25.
A report today showed gross domestic product rose at a 2.3 percent annualized rate, and a revised 0.6 percent advance in the first quarter wiped out a previously reported contraction, according to Commerce Department data. The median forecast of economists called for a 2.5 percent gain, according to Bloomberg News. Consumer spending grew more than projected.
The U.S. economy and job market continue to strengthen, the Federal Reserve said yesterday, but left rates unchanged. The Fed has maintained near-zero interest rates for nearly a decade and has said it will raise rates only when it sees a sustained recovery in the economy.
MOVERS:
Facebook (NASDAQ:FB) fell 2.6 percent after the social media company's quarterly profit fell due to higher costs.
Procter & Gamble (NYSE:PG), a consumer-goods company, slipped 0.1 percent after its fourth-quarter revenue slightly missed expectations.
Whole Foods Market (NASDAQ:WFM) slumped 12 percent after same-store sales growth cooled.
Skechers USA (NYSE:SKX) jumped 11.3 percent as the sports shoe maker and retailer reported a better-than-expected rise in quarterly revenue.
Cigna (NYSE:CI) was up 1.3 percent after the health insurer's quarterly profit rose.
NCR (NYSE:NCR) slid 6.7 percent after a report said Thoma Bravo ended a $9 billion pursuit.
Colgate-Palmolive (NYSE:CL) was inactive ahead of the bell after the consumer-products company reported earnings that matched forecasts.
ConocoPhillips (NYSE:COP) may be active after the oil and gas explorer said it is on track to achieve the higher end of its 2015 production target.
ADRs of Nokia (NYSE:NOK) jumped 5.5 percent in premarket trading after the Finnish telecom-equipment company reported better-than-expected second-quarter profit
COMMODITIES:
Spot gold dropped 1.3 percent to a session low of $1,081.85 an ounce in earlier trade. U.S. gold for August delivery slipped 0.6 percent to $1,085.60 an ounce.
Benchmark Brent crude was up $0.80 per barrel at $54.18. U.S. crude rose $0.30 to $49.09.