Stock index futures pointed to a flat to slightly higher open on Friday after the government said the U.S. economy expanded more than initially thought in the fourth quarter of last year.
In its second reading of fourth-quarter gross domestic product, the Commerce Department said the economy grew at a 5.9 percent annual rate, rather than the 5.7 percent pace it estimated last month, as businesses drew down inventories at a much slower pace and boosted investment.
But futures were little changed after the data as investors questioned the sustainability of the recovery and waited for more data after the market opened.
The GDP numbers are not different enough to change the view on the fourth quarter, said Subodh Kumar, an investment strategist based in Toronto. Now the market is wondering how steady the growth will be after the bounce back.
Investors awaited the release of the Reuters/University of Michigan consumer sentiment survey, followed by a report on existing home sales from the National Association of Realtors. Earlier this week, weak consumer sentiment and housing data rattled investor confidence.
S&P 500 futures rose 1.4 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 3 points, and Nasdaq 100 futures fell 1 point.
American International Group Inc
The ISM Chicago February index of manufacturing activity in the Midwest is due just after the open.
Heavy snowfall and high winds in much of the Northeastern United States disrupted traffic, making it difficult for commuters to get to work. Some brokerages said their staff were being delayed by the storm.
(Reporting by Edward Krudy; additional reporting by Caroline Valetkevitch; editing by Jeffrey Benkoe)