Before the bell: Futures higher as GDP, earnings in focus

U.S. stock futures were lower Friday morning ahead of some key economic data, including gross domestic product and consumer sentiment. Wall Street is also reacting to many more earnings from Thursday evening and this morning. [Update: futures turned higher after GDP data came in not as bad as expected.]

Overseas, Asian stocks fell with Japan's Nikkei plunging 3.3% following Toyota's earnings and dismal economic data. European markets were mixed, after economic data that continued to indicate a troubled economy with the euro zone inflation dropped to 1.1% in January, according to preliminary estimates.

But what everybody is really waiting for this morning is fourth-quarter gross domestic product growth, which is due out at 8:30 a.m. Eastern. Economists estimate GDP plunged to an annual rate of 5.4%, which means a decline of 0.5% compared to the previous quarter and make it the worst quarter in more than 26 years.

Also on tap is the Chicago purchasing managers index for January, which is due at 9:45 a.m. and January consumer sentiment data to be released 10 a.m.
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