US STOCKS-Futures edge down after record close, GDP data on tap

Fri Feb 28, 2014 7:23am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* S&P 500 closed at record Thursday, on track for strong Feb

* Fourth-quarter GDP data on tap, seen rising 2.5 pct

* raises revenue outlook, shares up

* Futures down: Dow 24 pts, S&P 3.7 pts, Nasdaq 5 pts

By Ryan Vlastelica

NEW YORK, Feb 28 (Reuters) - U.S. stock index futures dipped on Friday, with investors reluctant to make big bets after the S&P 500 closed at a record and ahead of closely watched data on economic growth.

* The benchmark index closed barely in positive territory for the year on Thursday, ending at a record above a level that has served as resistance this week. All three major indexes are set to end February and the week with gains, and the Nasdaq is on track for its fourth straight weekly rise.

* A preliminary estimate on fourth-quarter gross domestic product, due at 8:30 a.m. EST (1330 GMT), is expected to show growth of 2.5 percent. Market participants will look for signs of whether a severe winter hurt growth in the quarter.

* Recent indicators have come in below forecasts, with many analysts pinning that to bad weather rather than worsening fundamentals. Stocks rose on Thursday after Federal Reserve Chair Janet Yellen indicated support for this theory.   Continued...