NEW YORK (AP) - US stock futures are edging lower with the U.S. reporting that its economy slowed more drastically in the first quarter than economists had believed.
NEW YORK (AP) — US stock futures are edging lower with the U.S. reporting that its economy slowed more drastically in the first quarter than economists had believed.
KEEPING SCORE: Dow Jones industrial average futures are down two points, less than 0.1 percent, to 16,466. Standard & Poor's 500 index futures have given up a point to 1,870 and Nasdaq futures are down eight points, or 0.2 percent, to 3,554.
THE ECONOMY: The U.S. economy slowed in the first three months of the year as winter storms chilled business activity. The sharp slowdown, while worse than expected, is likely to be temporary as growth rebounds with warmer temperatures. The Commerce Department says growth slowed to a barely discernible 0.1 percent annual rate in the January-March quarter, the weakest since the end of 2012, and down from a 2.6 percent growth rate in the October-December quarter. Economist had forecast growth of 1.1 percent, according to FactSet.
TWITTER STORM: Twitter fell $4.98, or 12 percent, to $37.64 in premarket trading after the social media company's growth disappointed investors. Its loss wasn't as big as analysts had expected but the company's growth rate led to a sell-off. Twitter had 255 million monthly users at the end of March, up 25 percent from a year ago, but 2 million fewer than industry analysts had expected.
TREASURYS AND COMMODITIES: In government bond trading, prices rose. The yield on the 10-year Treasury note fell to 2.69 percent from 2.70 percent on Tuesday. The price of oil fell 93 cents, or 0.9 percent, to $100.35 a barrel.