Stock futures edge up on Greece, ahead of GDP data

NEW YORK (Reuters) - U.S. stock index futures were slightly higher on Friday ahead of the advance reading of first-quarter gross domestic product and as investors awaited a deal to bail out debt-ridden Greece.

Financials will be in focus after a source said U.S. 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 fell 3.5 percent to $154.70 in premarket trading.

U.S. economic growth probably slowed in the first quarter, data is expected to show, but resurgent consumer spending should offer evidence of a sustainable recovery. Other indicators on tap include Chicago PMI data and the final consumer sentiment reading, both for April.

"All eyes will be on the GDP data today since there's no better way to determine if the economy is getting better," said Kim Caughey, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.

S&P 500 futures rose 1.2 points and 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 rose 13 points, while Nasdaq 100 futures up 2 points.

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.

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

"The earnings are building a strong mosaic of the economy, with Newell giving a good sign of consumer spending," Caughey said.

Dow component Chevron Corp is set to report later Friday.

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

Oil-sector companies will be in the spotlight ahead of Chevron's results and as a massive oil spill in the Gulf of Mexico neared 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 0.5 percent at $85.57 per barrel.

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)

WhatsAppFacebookTwitterLinkedinBeloudBluesky