Stock futures pared earlier gains after the government said economic growth was slower in the third quarter than previously estimated, primarily because consumers had pulled back.
Wall Street still pointed to a positive open, but economic data that also showed a surprising drop in weekly jobless claims to their lowest level in three and a half years still left the market wary.
Markets finished mixed Wednesday on misgivings over the European Central Bank's three-year loan program for banks to buy sovereign debt, and as big tech names took a sharp fall. In a positive for market technicians, stocks finished close to their session highs and mostly held the massive 300-plus point rally Tuesday on the Dow.
"The fact that the Dow here in the US had risen by plus-300 points Tuesday and has given nothing back since is really quite impressive," said Dennis Gartman, author of The Gartman Letter and a hedge fund manager. "And we might say the same of the strength earlier this week in Europe, which has been followed by a very quiet correction."
The economic data will come at 8:30 am, with investors expecting jobless claims to climb to 380,000, while GDP is projected to hold at 2 percent, the same as the previous estimate, according to Reuters.
Also, the Thomson Reuters/University of Michigan Surveys of Consumers is due at 9:55 am and the Federal Housing Finance Agency issues its Home Price Index for October at 10 am.