Stock index futures held gains after data showed the U.S. economy contracted slightly less than initially estimated in the first quarter and corporate profits rebounded.

S&P 500 futures rose 5.50 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones Industrial Average futures added 43 points, while Nasdaq 100 futures gained 7.75 points.

(Reporting by Leah Schnurr; Editing by Theodore d'Afflisio)

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