Futures fall after results, grim GDP awaited

Investors were already fretting over the health of the economy following Thursday's dismal jobless claims and durable goods data. Economists polled by Reuters gave a median estimate for a 5.4 percent slump in fourth-quarter U.S. gross domestic product on an annualized basis.

"The indications are that it will be slightly weaker than consensus I would say from everything we've seen so far," said Subodh Kumar, chief investment strategist at Subodh Kumar & Associates in Toronto.

"The main thing is the general malaise in the economy."

Diversified U.S. manufacturer Honeywell International Inc reported a 2.6 percent rise in profit that met Wall Street expectations and held its 2009 outlook steady as it braces for a "more challenging" year. Sales, however, fell and were just shy of Wall Street estimates.

Procter & Gamble Co said its quarterly profit jumped 53 percent, as a gain from the sale of its Folgers coffee business helped to offset the impact that falling consumer spending and foreign exchange had on revenue. But sales at the maker of everything from laundry detergent to diapers fell 3 percent and also came in below estimates.

S&P 500 futures fell 9.40 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 down 66 points, and Nasdaq 100 futures were off 11.50 points.

(Reporting by Leah Schnurr and Chris Sanders; Editing by James Dalgleish)