Wall Street looks set to kick-off Friday trading with a pullback from its recent string of record highs, with modest declines anticipated for both the Dow Jones Industrial Average and the broader S&P 500 after a mixed trading session in Europe.
Early indications from U.S. futures prices suggest a 10-point pullback for the Dow and a 2.3 point slip for the the broader S&P 500, which printed its second-consecutive all-time high Thursday when it closed at 2,415.07 points. Investors are likely to focus on the second reading of first quarter GDP, which could be revised to 0.9% from 0.7%, economists say, and the U.S. Federal Reserve's favored reading on consumer spending, both of which are due at 8:30 EST.
Overnight in Europe, stocks fell as investors pulled back from multi-year highs after yesterday's OPEC agreement on production limits and kept a stern eye on U.S. political developments, with the region-wide Stoxx Europe 600 marked 0.45% lower by late morning trading.
Britain's FTSE 100, however, gained 0.26% to hit a fresh record high of 7,535.06 points as the benchmark got a boost from the weakening pound. Sterling has fallen more than 1% against the U.S. dollar over the past two sessions amid evidence of slowing economic growth from the Office for National Statistics and new polling data which shows a steep erosion in support for Prime Minister Theresa May heading into next month's snap election.
Donald Trump arrived in Italy Friday for his first meeting as President with leaders of the world's biggest economies amid a cloud of controversy at home and an increasingly adversarial tone between Washington and key European leaders following yesterday's NATO summit in Brussels.