US STOCKS-Futures point to lower open after weak GDP report

miércoles 25 de junio de 2014 08:54 GYT

* Economy sharply contracts in Q1, durable orders fall

* Investors watching Iraq violence; crude prices rise

* Monsanto rallies after results, General Mills lower

* Futures down: Dow 41 pts, S&P 4.25 pts, Nasdaq 8.75 pts (Adds economic data, Monsanto/General Mills earnings)

By Ryan Vlastelica

NEW YORK, June 25 (Reuters) - U.S. stock index futures pointed to a lower open on Wednesday as the latest economic data came in below expectations, giving investors further reasons to take profits amid ongoing tension in Iraq.

* The U.S. economy contracted 2.9 percent in the first quarter, a much steeper pace than previously estimated, though activity was impacted by harsh winter weather and there are indications that growth has since rebounded. In another negative data point, orders for durable goods unexpectedly fell 1 percent in May, compared with the expectation for flat activity.

* While recent data has indicated second quarter economic activity has rebounded, the weak indicators could give investors further reason for caution, especially with major indexes near record levels.

* The S&P 500 hit an intraday record on Tuesday, but enthusiasm waned in the final hours of trading as concerns over Iraq returned to the forefront. The Dow posted its biggest daily decline in over a month.   Continuación...