Futures Sink After Ugly Economic Reports

Wall street traders oilREUTERS/Lucas JacksonTraders gesture at each other while working in the crude oil and natural gas options pit on the floor of the New York Mercantile Exchange March 7, 2011.

Stock futures have turned lower after Q1 GDP was revised down to an astonishing -2.9%.

Dow futures are down 37 points, S&P 500 futures are down 3.5 points, and Nasdaq futures are down 9 points.

The Bureau of Economic Analysis said that Q1 GDP fell at a 2.9% annualized rate, lower than the previous estimate of -1%. Personal consumption growth in Q1 was also revised down to 1% from 2.4%.

Also in economic news, durable good orders in May fell 1% against expectations for no growth.

One of the biggest movers following the poor GDP report was the U.S. dollar, which weakened notably against the Japanese Yen to below ¥102. The dollar also weakened against the Euro, which now buys $US1.365 against $US1.36 earlier this morning.

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