Stock futures are lower

Stock futures are lower after a second estimate showed that the US economy shrank by 0.7% in the first quarter.

Near 8:45 a.m. ET, Dow futures were down 46 points, S&P 500 futures were down 5.5 points, and Nasdaq futures were down 16.5 points.

The US dollar index firmed, rising to as much as 97.27. Gold gained as much as $US4 an ounce to around $US1,192.40.

The yield on the benchmark 10-year note fell to around 2.120%.

Economists had forecast that revised Gross Domestic Product for Q1 would come in at 0.9%, after the initial reading of 0.2%

Stocks closed lower on Thursday. The Nasdaq climbed to a closing high in the previous trading session.

The other economic data due today are the Chicago PMI at 9:45 a.m. ET and final Michigan Sentiment at 10:00 a.m.

Driller Baker Hughes will release the latest count of oil and gas rigs at 1:00 p.m.

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