Stock futures point to flat open after GDP data

NEW YORK (Reuters) - U.S. stock index futures pointed to a flat open on Friday as worries over debt-laden Greece eased and the economy grew in the first quarter but at slightly slower-than-expected pace.

A multibillion-euro aid package for Greece will be hammered out within days and could keep the crisis from spreading, a top European Commission official said. Fears over a sovereign debt default in Europe have weighed on equities in recent weeks.

Gross domestic product expanded at a 3.2 percent rate in the quarter, the Commerce Department said in its first estimate, below the 3.4 percent estimate that analysts had forecast.

"The data was modestly light but should be close enough to confirm that the economy has the possibility of growing above trend, especially when every other indicator has suggested the economy is moving in the right direction," said Douglas Peta, an independent market strategist in New York.

Financials will be in focus after a source said federal prosecutors were investigating Goldman Sachs Group Inc , raising the possibility of criminal charges less than two weeks after it was accused of civil fraud. The shares down 5.4 percent to $151.60 in premarket trading.

"It doesn't look like the SEC's case is open and shut, but potential litigation is going to be an issue for investment banks, especially until there some kind of resolution," Peta said.

S&P 500 futures fell 1.4 points and were below 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 were unchanged, while Nasdaq 100 futures were also flat.

On the earnings front, both Coventry Health Care Inc and Newell Rubbermaid Inc posted quarterly earnings that beat expectations and raised their outlooks.

Dow component Chevron Corp was down 0.2 pct to $82.10 in premarket trading after it reported a sharp rise in quarterly profit.

UAL Corp's United Airlines and Continental Airlines Inc will announce a merger to create the world's largest airline, the Wall Street Journal reported.

Oil-sector companies will be in the spotlight after Chevron's results and as a massive oil spill in the Gulf of Mexico washed up to wildlife refuges and seafood grounds and the government fought to contain potentially one of the worst U.S. ecological disasters. June crude futures were up nearly 1 percent.

European shares fell 0.3 percent in morning trade, while Japan's Nikkei average <.N225> ended up 1.2 percent.

U.S. stocks chalked up their best day in nearly two months on Thursday on robust earnings reports.

(Editing by Jeffrey Benkoe)

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