Stock futures rebound as better than expected GDP data ease concerns about the economy

U.S. stock index futures rebounded on Friday after data showed the economy expanded at a faster-than-expected pace in the first quarter.

At around 8:41 a.m. ET, Dow Jones Industrial Average futures fell just 10 points, indicating a loss of about 18 points at the open. Futures on the S&P 500 pared losses well but still pointed to a slight loss. Nasdaq-100 futures were higher as shares of Amazon gained.

Futures were much lower before the GDP release after poor earnings from Exxon Mobil and Intel.

First-quarter gross domestic product was 3.2%, the Commerce Department said on Friday, topping the consensus economist estimate of 2.5%, according to Dow Jones. An increase in exports drove the increase.

Dow member Exxon fell more than 2.5% in the premarket after reporting quarterly earnings per share that badly missed analyst expectations. Intel, another Dow component, fell more than 7% after the company issued light revenue guidance for the year.

Amazon shares traded higher after results topped expectations on Thursday and Wall Street analysts trumpeted its announced push to one-day delivery for Prime members.

Other companies that reported between Thursday afternoon and Friday morning include Ford Motor, Mattel, Starbucks and American Airlines.

Market focus is also largely attuned to economic developments, amid speculation that figures later in the session could show the U.S. economy outperforming the rest of the developed world.

A string of robust numbers for the world’s largest economy has prompted analysts to revise up their forecasts for expansion and the latest Reuters poll is for annualized growth of 2%.

Meanwhile, the closely-watched projection of gross domestic product (GDP) from the Atlanta Federal Reserve is expecting an outcome of 2.7%, a massive turnaround from a few weeks ago when it stood at 0.5%.

Official U.S. GDP data is expected to be published at around 8:30 a.m. ET, with consumer sentiment figures for April set to follow slightly later in the session.