US STOCKS-Wall St futures unchanged, set for lower open after GDP data
* Q1 GDP data shows economy contracted
* Corporate earnings down 8.7 pct
* Altera up on report of Intel takeover interest
* Futures down: Dow 47 pts, S&P 5.5 pts, Nasdaq 14.25 pts (Adds quote, updates prices)
By Sweta Singh
May 29 (Reuters) - U.S. stock futures were largely unchanged, keeping the market on course to open lower on Friday, after data showed that the economy contracted in the first quarter.
The U.S. government slashed its gross domestic product estimate to show it shrinking at a 0.7 percent annual rate instead of the 0.2 percent growth pace it estimated last month.
Economists had expected GDP would be revised down to show it contracting at a 0.8 percent pace.
"Monetary policy from the Fed is forward looking and GDP by definition is a rear view mirror and the important thing now is that it wasn't a big miss," said Adam Sarhan, chief executive of Sarhan Capital in New York. Continuación...