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