U.S. stock index futures erased their earlier gains Friday following a disappointing GDP report that showed the economy grew less than expected in the first quarter, but some encouraging earnings news helped limit the loss.
Economic growth in the U.S. slowed in the first quarteras GDP expanded at a 2.2 percent annual rate from the fourth quarter's 3 percent growth, according to the Commerce Department. The reading was well below economists' expectations for a 2.5 percent pace.
Also on the economic front, employment cost edged up by 0.4 percent in the first quarter, according to the Labor Department, but was still lower than the expected gain of 0.5 percent.
Among earnings, Amazon surged sharply after the online retailer posted quarterly results that blew past Wall Street expectations after-the-bell Thursday. In addition, at least eleven brokerages boosted their price target on the firm.
Ford rallied after the American automaker posted earnings that slipped from the same period in the previous year, but still topped estimates.
Elsewhere, Procter & Gamblereduced its guidance for the yearas the household products maker said it continues to feel pressure from higher commodity costs.
