US pre-open: Stocks to nudge lower ahead of GDP data

At 1145 BST, Dow Jones Industrial Average, S&P 500 and Nasdaq futures were all down 0.1%. Markets will be closed on Monday for Memorial Day.

Meanwhile, oil prices reversed heavy losses to trade a little higher, with West Texas Intermediate up 0.4% to $49.10 a barrel and Brent crude up 0.5% to $51.70. Prices had fallen sharply after the Opec meeting in Vienna resulted in a nine-month extension of the previously agreed 1.8m barrel-a-day production cut.

Oanda analyst Craig Erlam said: "The reason for the sell-off was simple. There had been so much reported on the agreement in the weeks leading up to the meeting that it had been fully priced in. Once speculation became reality, there was no more gains to be had, not in the near-term anyway. Should we see full compliance and evidence that inventories are falling back towards their five year average, as intended, the prices may well creep higher once again. The result for now though has been a correction in oil prices which is weighing on energy stocks and therefore indices, particularly those with heavy exposure."

The first-quarter GDP data is due out at 1330 BST, along with durable goods orders, while Michigan consumer sentiment is at 1500 BST.

Erlam said: "A first revision of Q1 GDP will certainly be of interest as the Fed considers its second rate hike of the year at its next meeting in June. Policy makers have shown a clear desire to see evidence that the first quarter weakness was only transitory and an upward revision here may provide them with more comfort. Of course, the opposite is also true."

On the corporate front, cloud-computing company Nutanix surged in pre-market trade after better-than-expected results late on Thursday.

Elsewhere, Deckers Outdoor Corp could be in focus after it surprised investors with a quarterly profit late on Thursday.