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Futures Turn Flat After GDP; Amazon Soars

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.

Chevron posted an earnings gainas rising oil prices and refining margins made up for a decline in oil and gas production.

And fellow Dow component Merck edged higher after the drugmaker said its earnings soareddespite lower-than-expected sales.

The University of Michigan Consumer Sentiment survey for April is due out at 9.55 a.m. Analysts polled by Briefing.com expected the index to remain at 75.7.

European shares were higher, despite rating agency Standard & Poor’s overnight downgrade of Spain’s credit rating from single-A to triple-B plus.

—Follow JeeYeon Park on Twitter: @JeeYeonParkCNBC

On Tap Next Week:

MONDAY: Personal income & spending, Chicago PMI, Dallas Fed mtg survey, farm prices, AmEx shareholders mtg, Boeing shareholders mtg; Earnings from NYSE Euronext, Anadarko Petroleum, Shutterfly
TUESDAY: ISM mfg index, construction spending, auto sales, Under Armour shareholders mtg; Earnings from BP, Pfizer, Sirius XM Radio, Broadcom, CBS, Chesapeake Energy, Motorola Mobility
WEDNESDAY: Weekly mortgage apps, Challenger job-cut report, ADP employment report, factory orders, oil inventories, Pepsi shareholders mtg; Earnings from Comcast, Time Warner, UBS, Barrick Gold, Clorox, CVS, Marathon Oil, MasterCard, Dreamworks Animation, Green Mountain Coffee, Sunoco, Transocean, Visa, Whole Foods
THURSDAY: Jobless claims, productivity and costs, ISM non-mfg index, chain-store sales, Nokia annual mtg, Verizon shareholders mtg; Earnings from GM, Kraft, AIG, LinkedIn
FRIDAY: Government non-farm payrolls, Alcoa shareholders mtg, Berkshire shareholders mtg; Earnings from Berkshire Hathaway

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