NEW YORK (TheStreet) -- Stock futures were setting up for another day of slight losses on the final trading day of May as first-quarter GDP was revised downward.

S&P 500 futures fell 0.16%, Dow Jones Industrial Average futures slipped 0.13%, and Nasdaq futures declined 0.26%. 

First-quarter GDP, originally seen up 0.2%, was revised down to negative 0.7% in a second estimate. The contraction was slightly narrower than economists had expected, though marked a stark reminder of how bad economic growth truly was at the start of the year. 

The value of inventories increased by $95 billion, down from a previously estimated increase of $110.3 billion. Exports fell 7.6%, while imports were revised up to 5.6% from 1.8%, leading to a larger trade deficit which reduced GDP.

Corporate profits fell $125.5 billion in the first quarter after a $30.4 billion decline in the fourth quarter. Adjusted pretax corporate profits fell 5.9%, its biggest decline since 2008. 

Economists expect the economy to bounce back in the latter half of the year, and second-quarter data including monthly housing figures support this. Second-quarter GDP is expected to rise 3%. 

"Second estimates of GDP are generally "old news" and today's report falls along those lines," said BTIG Research chief strategist Dan Greenhaus. "The (Federal Reserve), market participants and just about everyone believes first-quarter issues were transitory in nature and as such, a revision into negative territory is unlikely to affect the broader debate."

Stocks closed only slightly lower Thursday, recovering from heavier losses sustained earlier in the day. Crude oil, which had been pressured earlier in the session, reversed course by the afternoon and closed higher. Click here for more.

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