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NEW YORK (CNNMoney)
U.S. stock futures edged lower ahead of the Bureau of Economic Analysis' first estimate of first-quarter GDP due for release at 8:30 a.m. ET.
Economists surveyed by Briefing.com are predicting it grew at a 2.8% annual pace in the first quarter, up from a measly 0.4% in the fourth quarter of 2012.
In corporate news, firms including Chevron (CVX, Fortune 500) are reporting quarterly results before the opening bell.
D.R. Horton's (DHI) stock price surged in premarket trading after the home builder reported a near doubling of quarterly net income on Friday, riding the wave of the recovering housing market.
Burger King Worldwide (BKW) reported a slump in revenue, including same-store sales, but an increase in net income.
Starbucks' (SBUX, Fortune 500) stock price fell in premarket trading, despite reporting an increase in quarterly revenue and operating income late Thursday, and raising its full-year earnings target. But investors were unimpressed, since the coffeehouse chain missed some of its expectations and lowered its guidance for the third quarter.
J.C. Penney (JCP, Fortune 500) shares surged in premarket trading after hedge fund mogul George Soros on Thursday revealed a 7.9% stake in the ailing department-store chain.
Amazon (AMZN, Fortune 500) dipped in premarket trading, after reporting quarterly earnings on Thursday that showed a slide in profit despite a surge in sales.
Related: Fear & Greed Index still idling in neutral
U.S. stocks closed slightly higher Thursday.
European markets were easing back in midday trading, on the heels of three consecutive trading days of significant gains. The Euronext 100 index declined by roughly 1%.
Related: Bank of Japan stands firm while deflation worsens
Asian markets ended mixed. The Shanghai Composite declined 1.0% and the Hang Seng added 0.7%.
The Nikkei lost 0.3% after the Bank of Japan said it would maintain its stimulus program. A separate report showed prices fell 0.5% last month in Japan, underscoring the monumental task facing policymakers as they attempt to reverse 15 years of deflation.
First Published: April 26, 2013: 5:10 AM ET
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