Futures dip ahead of jobs, GDP data

NEW YORK (Reuters) - U.S. stock index futures dipped on Wednesday, following gains on Wall Street a day earlier that left the Dow and S&P 500 less than 1 percent away from their record closing highs, and ahead of key data on the job market and overall economic growth.

* Markets will have their eyes on the Federal Reserve's policy setting meeting as well, which is set to end later on Wednesday. The Fed is expected to cut its bond-buying program by a further $10 billion on signs the U.S. economy is picking up steam after a winter slowdown.

* Twitter shares fell 13.8 percent premarket a day after it posted earnings that showed lackluster user and usage growth for the second consecutive quarter.

* EBay shares were also lower after it forecast lower-than-expected earnings this quarter.

* Companies expected to report earnings Wednesday include Hess Corp and MetLife Inc.

* S&P 500 e-mini futures fell 1 point and fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract, indicated a lower open. Dow Jones industrial average futures fell 1 point and Nasdaq 100 futures lost 8 points.

* Nuclear power producer Exelon , which also reported earlier on Wednesday, said it would buy Pepco Holdings for $6.83 billion. Pepco shares jumped 17.4 percent in premarket trading.

* The U.S. private sector is expected to have created 210,000 jobs in April. The ADP National Employment Report is due at 8:15 a.m. (1215 GMT).

* At 8:30 a.m. (1230 GMT), the U.S. Department of Commerce will post the advance reading on first-quarter gross domestic product. GDP probably grew at a 1.2 percent annual rate, according to a Reuters survey of economists, pulling back from the fourth quarter's 2.6 percent pace.

(Reporting by Rodrigo Campos; Editing by Bernadette Baum)