* Second reading of Q1 GDP up 1.2 pct vs est 0.9 pct
* Costco, Ulta Beauty rise on strong quarterly reports
* GameStop falls after sticking to forecast
* Futures down: Dow 24 pts, S&P 3 pts, Nasdaq 3.25 pts
(Adds details, comment, updates prices)
By Tanya Agrawal
May 26 Wall Street looked set to open little
changed on Friday, coming off six straight days of gains, while
data showed the economy grew slightly more than previously
thought in the first quarter.
A second reading on the gross domestic product showed the
economy grew at a 1.2 percent pace between January and March,
slightly higher than the 0.7 percent growth estimated earlier.
Economists had expected a growth of 0.9 percent.
While recent economic data has been mixed, with data showing
a dip in consumer spending and sentiment, a surge in business
investment and wage growth suggests activity will regain
momentum as the year progresses.
Earlier this week, minutes from the Federal Reserve's May
meeting showed the central bank's policymakers believed the
economic slowdown was transitory and indicated they were on
track to raise interest rates next month.
The S&P 500 and Nasdaq Composite closed at record highs on
Thursday. The six-day winning streak is the market's longest
since February and investors could aim to cash in their gains
ahead of the long weekend due to Monday's Memorial Day holiday.
"The market is going to digest this move, people are going
to take profits and are going to be a little cautious before the
three-day weekend because, apart from all the good news, we
still have potential for geo-political concerns that can come up
at any time," said Andre Bakhos, managing director at Janlyn
Capital in Bernardsville, New Jersey.
Dow e-minis were down 24 points, or 0.11 percent,
with 21,907 contracts changing hands at 8:32 a.m. ET (1232 GMT).
S&P 500 e-minis were down 3 points, or 0.12 percent,
with 146,266 contracts traded. Nasdaq 100 e-minis were
down 3.25 points, or 0.06 percent, on volume of 29,086
The markets' strength of late has been driven by strong
quarterly earnings reports and the lack of major news updates on
the political front, with President Donald Trump on his maiden
presidential foreign visit.
However, with stocks at record levels and second-quarter
earnings more than a month away, analysts say the market needs
to see progress on Trump's pro-growth policies, for the market
to make further meaningful gains.
Retailers were among the big movers again, after helping
propel the market on Thursday.
Shares of Costco Wholesale rose 1.7 percent to
$177.65 in premarket trading, while Ulta Beauty was up
2.7 percent at $301.29 after the companies issued strong
quarterly earning reports.
Deckers Outdoor Corp rose 12.25 percent to $63.50
after reporting a surprise quarterly adjusted profit. Big Lots
was up 8.2 percent at $52.35 after the discount retailer
raised its full-year profit forecast.
Among the laggards was GameStop, which fell 7.1
percent to $21.95 as the videogames retailer left its full-year
earnings forecast unchanged despite its quarterly profit beating
Economic data due includes a report at 10 a.m. ET is
expected to show that a final reading on consumer sentiment
index in May dipped to 97.5 from a preliminary reading of 97.7.
(Reporting by Tanya Agrawal in Bengaluru; Editing by Savio