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Dow futures briefly fall 150 points after BOJ surprise

U.S. stock index futures pointed to a mostly lower open Thursday as traders reacted to the Bank of Japan's (BOJ) decision to keep monetary policy steady.

In U.S. economic news, the first quarter U.S. GDP advance read was 0.5 percent, the slowest pace since the first quarter of 2014. Consumer spending increased at a 1.9 percent rate, the slowest since the first quarter of 2015 and down from the fourth quarter's 2.4 percent rate.

Weekly jobless claims were 257,000.

Treasury yields edged off lows, while the U.S. dollar held lower, off about half a percent. The euro was near $1.134 and the yen at 108.3 yen against the greenback as of 8:33 a.m. ET.

U.S. stock index futures held near earlier levels, with the Dow futures off about 135 points after earlier falling more than 150 points.

Facebook reported quarterly earnings well above expectations on both the top and bottom line, helped by a sharp increase in mobile advertising revenue. The social media giant also proposed a new share structure. The stock rose more than 11 percent in pre-market trade, helping Nasdaq 100 futures indicate a flat to higher open.

In Asia, Japan's Nikkei closed down 3.61 percent after the central bank disappointed a section of the market betting on further stimulus. Following the BOJ's decision, and the yen's subsequent strength, major Japanese exporters saw their shares tumble.

Toyota closed down 3.27 percent, Nissan fell 4.31 percent and Honda was down 4.18 percent. A stronger yen is usually a negative for exporters as it reduces their overseas profits when converted into local currency.

"The Bank of Japan though was widely expected to act as Japan's economy has dipped back into deflation for the first time since 2013. In addition the country's stock market has also been struggling and the yen has been strong against a weakening dollar," Adrian Lowcock, head of investing at AXA Wealth, said in a note.

"The return of the deflation has led some to suggest that Abenomics is not working and even greater stimulus was required. As such the reaction to the lack of action has been negative, sending the stock market down and the currency up further," Lowcock added.

In Europe, the pan European Stoxx 600 Index was down by around 1.1 percent.

Back in the U.S., investors will continue to digest the Federal Reserve's decision to keep rates on hold. On Wednesday, the Fed stuck to its message that it would be slow to raise rates, so economic data will be keenly eyed to frame expectations of when it might raise them again.

On the earnings front, Amazon.com, Amgen, Baidu and LinkedIn are among companies due to report after the bell.

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In oil markets, Brent was a touch higher near $47.22 and WTI holding above $45.

— CNBC's Saheli Roy Choudhury and Patti Domm contributed to this article.