Investing.com - U.S. stock futures pointed to a steady open on Thursday, after Wednesday's rally in U.S. equities as weak U.S. data fuelled expectations that the Federal Reserve will keep rates hold for longer.
Ahead of the open, the Dow 30 futures pointed to a 0.04% dip, S&P 500 futures signaled a 0.09% loss, while the Nasdaq 100 futures indicated a 0.01% downtick.
The Commerce Department on Wednesday said U.S. gross domestic product contracted at an annual rate of 2.9% in the first three months of the year, compared to the consensus forecast for a decline of 1.7%.
U.S. first quarter GDP was initially reported to have increased by 0.1%, but was subsequently revised to show a contraction of 1.0%.
The difference between the second and third estimate was the largest since records began in 1976, the Commerce Department said.
General Motors (NYSE:GM) was expected to be active, as shares dropped 0.51% in extended trade following reports the automaker may need to fix its top-selling Chevrolet Cruze for a new type of air-bag problem.
The news came as the company has already recalled a record number of vehicles in the U.S. this year due to defaults linked to at least 13 deaths.
Philip Morris International (NYSE:PM) also slipped 0.10% after hours, as the tobacco company lowered its annual earnings projection.
CBS (NYSE:CBS) edged down 0.13% in late trading, after rallying over 6% on Wednesday when the Supreme Court ruled in favor of the network and three others, including NBC, CNBC's parent, saying TV startup Aereo had violated copyright law.
Elsewhere, Bristol-Myers Squibb (NYSE:BMY) shares rose 0.20% in extended trade after halting a late-stage trial of an experimental skin cancer drug after patients showed "superior overall survival."
Other stocks likely to be in focus included Winnebago (NYSE:WGO), Accenture (NYSE:ACN), ConAgra Foods (NYSE:CAG) and Nike (NYSE:NKE), scheduled to release quarterly earnings later in the day.
Across the Atlantic, European stock markets were mostly lower. The DJ Euro Stoxx 50 slipped 0.18%, France’s CAC 40 dipped 0.01%, Germany's DAX eased 0.05%, while Britain's FTSE 100 edged 0.07% lower.
During the Asian trading session, Hong Kong's Hang Seng jumped 1.45%, while Japan’s Nikkei 225 rose 0.27%.
Later in the day, the U.S. was to release data on personal income and expenditure, as well as data on inflation linked to personal spending.