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Stock futures pointed to a lower open on Friday with the S&P 500 and Nasdaq on track to snap a six-day winning streak and retreat from records. 

S&P 500 futures were down 0.17%, Dow Jones Industrial Average futures fell 0.15%, and Nasdaq futures dropped 0.1%. 

The S&P 500 and Nasdaq ended at fresh records on Thursday and closed out with their sixth straight session of gains, a streak not seen since mid-February. Positive earnings from retailers Best Buy (BBY) - Get Best Buy Co. Inc. Report , Guess? (GES) - Get Guess? Inc. Report , and Abercrombie & Fitch (ANF) - Get Abercrombie & Fitch Company Report set off gains in the consumer space. 

U.S. economic growth over the first quarter was revised to show a 1.2% increase, far better than an original estimate of 0.7% growth. Analysts had expected a 100-basis-point revision to 0.8% growth. Consumer spending increased 0.6%, while business investment surged 11.9%. Exports gained 5.8% and imports grew 3.8%. Still, overall economic performance over the first quarter remained somewhat weak as a cautious consumer and delayed winter weather depressed growth.

Durable goods orders for April declined by 0.7% in April, a narrower decline than an anticipated 1.4% drop. Excluding transportation, orders for long-lasting U.S.-made goods fell 0.4%, a surprise to analysts expecting a 0.4% increase. March orders were revised up to show 2.3% growth from 1.7%. 

Elsewhere on the economic calendar, the final reading of consumer sentiment for May will be released shortly after the bell, while the weekly reading of oil-drilling activity from Baker Hughes is set for its usual time of 1 p.m. EDT Friday afternoon.

Crude oil prices declined on Friday morning after settling at a one-week low a day earlier. West Texas Intermediate had barrelled below $50 a barrel on Thursday after an extension to a global output agreement disappointed investors looking for more. The Organization of Petroleum Exporting Countries agreed on a nine-month extension to a production cut agreement at a meeting in Vienna on Thursday. The original agreement was set to expire at the end of June.

Investors had widely accepted an extension to the current deal and had hoped for further action to balance global oil markets.

West Texas Intermediate crude oil fell 0.6% to $48.61 on Friday. Prices had slumped 4.8% on Thursday.

St. Louis Federal Reserve President James Bullard sounded a dovish alarm on Friday, arguing that inflation trends were "worrisome" and the central bank's forecasts for hiking rates were too steep. Speaking in Tokyo, Bullard said current U.S. prices sit 4.6% below the levels between 1995 and 2012 when inflation was closer to the Fed's 2% price target. Bullard calculated the discrepancy by pointing out where prices currently sit and where they should be if inflation had hewn closer to the Fed's target. 

Most members of the Fed's monetary policy committee showed a willingness to hike interest rates again "soon," according to recent minutes from the May meeting. Most also supported a plan to gradually reduce the Fed's $4.5 trillion balance sheet, a process that should begin this year. Members agreed to continue discussions on the committee's reinvestment policy at its June meeting. Tighter monetary policy is seen as the Fed's vote of confidence in the health of the economy.

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Markets already have high expectations for an interest rate increase at the next meeting of the Federal Open Market Committee, the second of three expected hikes this year. Wall Street has priced in an 83% chance of a 25-basis-point increase to the federal funds rate when the FOMC meets June 13-14, according to CME Group fed funds futures.

Higher membership fees propelled Costco (COST) - Get Costco Wholesale Corporation Reportearnings over its recent quarter. The warehouse retailer earned $700 million, or $1.59 a share, over its recent fiscal third quarter, compared to $545 million, or $1.24 a share, in the same quarter a year earlier. Adjusted earnings of $1.40 a share came in 9 cents above consensus.

Revenue increased 8% to $28.22 billion, higher than consensus. Same-store sales increased 5%, above analysts' target of 4% growth. Membership fees gained 4%.

Costco shares rose more than 1% in premarket trading.

GameStop (GME) - Get GameStop Corporation Report reported a better-than-expected quarter with adjusted earnings of 63 cents a share coming in a dime above estimates. Revenue increased 4% to $2.05 billion, exceeding analysts' target of $1.97 billion. Same-store sales growth of 2.3% was largely tied to the launch of new portable gaming console, the Nintendo Switch.

However, shares fell 3% in premarket trading after the video game retailer left its forecasts unchanged. GameStop anticipates full-year earnings of $3.10 to $3.40 a share, wrapping consensus of $3.32 a share. Same-store sales are expected to come in flat to negative 5%.

Other earnings of note include LionsGate (LGF) , Ulta Beauty (ULTA) - Get Ulta Beauty Inc. Report , Splunk (SPLK) - Get Splunk Inc. Report , Brocade Communications (BRCD) , and Big Lots (BIG) - Get Big Lots Inc. Report .

Amazon (AMZN) - Get Inc. Report shares were on watch as the stock hovered below its never-before-seen $1,000 level. Shares moved more than 1% higher on Thursday after the e-commerce retailer opened its first Manhattan bricks-and-mortar bookstore at Columbus Circle. The stock has benefited from the Nasdaq's winning streak, closing at its own records for four straight sessions.

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