The Commerce Department reported gross domestic product declined at a 1 percent annualized rate in the first quarter, with the drop larger than the 0.4 percent contraction estimated by analysts.
"The second estimate of GDP is backward looking. We knew that weather dramatically impacted growth in the first quarter and we fully expect a bounce back in the second quarter," noted Dan Greenhaus, chief strategist at BTIG.
Another report had initial jobless claims falling by 27,000 to 300,000 last week, compared to estimates of a 326,000 level. The latest number is "a positive," and brings the four-week average to 311,500, the lowest since August 2007, offered Peter Boockvar, chief market analyst at the Lindsey Group.
Separate data on pending home sales in April is expected at 10 a.m. Eastern.