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Futures hold lower on GDP; Greece concerns weigh

U.S. stock markets looked set for a flat to slightly lower open on Friday, as investors digested the second read on first quarter growth amid pressure on European shares from continued uncertainty over Greece.

The second read on first-quarter GDP showed a decline of 0.7 percent as the economy struggled under heavy snow storms and the renewed strength in the dollar.

The U.S. government had forecast a drop of 0.8 percent. Economists expected a 1 percent decline in first-quarter GDP, after an original print showed a 0.2 percent gain. That was down from 2.2 percent growth in the fourth quarter.

Futures traded near earlier lows and Treasury yields briefly ticked higher after the report.

European stocks were mostly lower on Friday, with only the FTSE slightly higher as Greece kept investors on edge.

The Greek government has said it hopes to reach a reform-for-rescue deal with its international bailout supervisors by Sunday, according to Reuters. However, European officials have denied a deal is near and Christine Lagarde, the head of the International Monetary Fund, was quoted in a German newspaper as saying that Greece talks could fail, forcing the country to default on its debts.

U.S. Treasury Secretary Jack Lew said at the G-7 finance ministers' meeting that the risk of accident increases the closer a deadline on Greece gets and that leaders need to resolve the crisis "as quickly as possible," Dow Jones reported.

Read MoreGreek talks 'progressing'…so where's the deal?

The Chicago Purchasing Managers' Index (PMI) and the final Michigan sentiment report for May are due later in the morning.

Meanwhile, in stock news, the New York Post reported that Intel is close to a deal to buy smaller chipmaker Altera for around $15 billion.

Big Lots reported quarterly profit of 60 cents per share, one cent above estimates, with revenue in line with forecasts. However, the discount retailer's current quarter earnings forecast is below estimates, with comparable store sales expected to grow by two to three percent.

GameStop earned 68 cents per share for its latest quarter, seven cents above estimates. Revenue was slightly ahead of forecasts, and the video game retailer also gave an upbeat forecast for the current quarter and full year. The company's results were helped by strong sales of new game software.

Equinix is buying Britain's Telecity Group for $3.6 billion, creating Europe's largest data center company. The acquisition by U.S.-based Equinix also ends Telecity's bid to buy Dutch data center firm Interxion.

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No other major earnings are due out on Friday from the U.S. In Canada, Bank of Nova Scotia will report.

CNBC's Patti Domm and Peter Schacknow contributed to this report.