Stock futures slip after weak GDP data

Stock futures point to a cautious open, as a disappointing advance reading of Q1 GDP outweighs a positive ADP report on private-sector job gains; S&P and Dow -0.1%, Nasdaq -0.3%.

The recent pressure on previously high-flying internet stocks, which eased yesterday, looks set to resume following disappointing results from Twitter (-12%); other consumer internet stocks, such as Facebook, LinkedIn and Yelp, are all lower.

European and Asian markets are mixed.

Treasurys rose in reaction to the economic data; the benchmark 10-year yield is lower by almost one basis point at 2.69%.

The main event of the day is the minutes from the latest FOMC meeting, in which the Fed is again expected to reduce its bond-buying purchases; the results will be released at 2 pm ET.

Still ahead: Chicago PMI, EIA petroleum inventories.

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