US stock futures pare gains after GDP disappoints

Traders work on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on December 29, 2017 in New York.
BRYAN R. SMITH | AFP | Getty Images
Traders work on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on December 29, 2017 in New York.

U.S. stock index futures pared gains on Friday after the first read on fourth-quarter GDP came in below expectations.

Dow Jones industrial average futures traded 35 points higher, while S&P 500 and Nasdaq 100 futures gained 8 points and 30 points, respectively.

The U.S. economy grew by 2.6 percent during the fourth quarter of 2017, government data showed. Economists polled by Reuters expected growth of 3 percent.

Durable goods orders, however, rose 2.9 percent in December, more than the expected 0.8 percent gain.

President Donald Trump also spoke at the World Economic Forum (WEF) in Davos, Switzerland, on Friday. In a speech, he warned countries against trying to "exploit" other nations through trade and reiterated that he would look out for "America first." However, he aimed to reassure the global leaders that "America first does not mean America alone," and said a strong American economy would lift other countries.

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Ahead of the speech, Trump told CNBC that the dollar would strengthen over time under his presidency, adding that recent comments made by Treasury Secretary Steven Mnuchin about the currency had been misinterpreted.

"The dollar is going to get stronger and stronger, and ultimately I want to see a strong dollar," Trump said in an exclusive interview from WEF. "Our country is becoming so economically strong again and strong in other ways, too."

—CNBC's Fred Imbert and Jacob Pramuk contributed to this report