US stock-index futures extended losses after data showed the American economy grew slower than forecast in the second quarter.
S&P 500 Index futures fell 0.3% to 2 158.75 at 8:32 a.m. in New York. The benchmark rose amid a slew of corporate earnings yesterday, closing within about five points of a record.
Gross domestic product rose at a 1.2% annualized rate after a 0.8% advance the prior quarter, Commerce Department figures showed Friday in Washington.
The median forecast of economists surveyed by Bloomberg called for a 2.5% second-quarter increase.
The S&P 500 has climbed 3.4% in July, a fifth monthly rise, boosted by earnings reports and optimism central banks will support the global economy.
While the Federal Reserve earlier this week held its rates unchanged as forecast, the Bank of Japan on Friday damped expectations for looser policy by keeping its key monetary tools unchanged and saying it will mount a comprehensive review of its policy framework.
The GDP data comes as investors sift through one of the busiest weeks of the earnings season. Halfway through, more than 80% of the S&P 500 companies that have reported so far beat profit projections and almost 60% topped sales estimates.
Analysts have eased their expectations for a drop in second-quarter earnings to 4.5%.
Google parent Alphabet rose in premarket trading after its quarterly profit topped estimates. Amazon.com climbed after forecasting sales that may exceed analysts’ projections.
Cigna Corporation declined after the health insurer reported quarterly earnings that missed estimates and cut its full-year forecast. Exxon Mobil fell on its results.
US stocks have alternated between gains and losses since the S&P 500 reached a fourth straight record on July 14, finishing every day less than 0.5% away from the previous close.
The 10-day streak is the longest since data began in 1927. Before that, the benchmark posted seven records in 10 days.