MARKET SNAPSHOT: U.S. Stocks: Futures Edge Lower After Weak GDP Reading

By Anora Mahmudova and Sara Sjolin, MarketWatch

GoPro rallies more than 10% after earnings

U.S. stock futures extended losses on Wednesday, after a report showed that the economy grew at a slower pace than expected during the first quarter. A Federal Reserve statement after the conclusion of its two-day policy meeting today also looms.

The U.S. economy grew at a meager 0.2% annualized pace in the first quarter, a period marked by severe weather, a major port dispute and a soaring dollar that curbed American exports.

Futures for the Dow Jones Industrial Average (YMM5) slipped 93 points, or 0.5%, to 17,967, while those for the S&P 500 index (ESM5) lost 10 points, or 0.5% to 2,101.60. Futures for the Nasdaq-100 index (NQM5) dropped about 22 points, or 0.5%, to 4,494.25.

The benchmarks on Tuesday ended a choppy session slightly higher (http://www.marketwatch.com/storyno-meta-for-guid), as investors grappled with disappointing earnings, weaker-than-expected consumer-confidence data and uncertainty over the Fed statement.

The central bank kicked off its two-day meeting on Tuesday and will conclude it later Wednesday, with an policy statement due at 2 p.m. Eastern Time. Investors hope for clues on when policy makers will raise rates.

Expectations for a June rate-hike have been dampened after a string of disappointing economic data. Read: Fed not ready to concede it won't hike this summer (http://www.marketwatch.com/story/fed-not-ready-to-concede-it-wont-hike-this-summer-2015-04-27)

Data: The Fed is keeping a close eye on economic indicators, and will be able to assess the first estimate of first-quarter U.S. gross domestic product which came in weaker than expected.

Economists polled by MarketWatch expected to see a slowdown in growth to 1.1%, down from 2.2% in the fourth quarter. However, the report showed the economy grew at a meager 0.2% annualized pace.

"If [GDP is weaker, it will be blamed on weather] and it is likely the Federal Reserve's tone will remain dovish, but they will probably keep a rate hike on the table for some time this year," Nour Al-Hammoury, chief market strategist at ADS Securities, said in a note.

A disappointing GDP number added more pressure on the dollar (DXY), which slid further on Wednesday (http://www.marketwatch.com/story/dollar-slides-to-almost-2-month-low-ahead-of-fed-2015-04-29).

Elsewhere, a reading on pending-homes sales is due at 10 a.m. Eastern Time.

Earnings : Ahead of the opening bell, Time Warner(TWX) reported first-quarter profit and sales that beat expectations. Shares rose 1.9%.

Shares of flooring company Lumber Liquidators(LL) tumbled after it posted a loss of 29 cents a share in the first quarter and announced that it was facing criminal charges (http://www.marketwatch.com/story/lumber-liquidators-says-doj-is-seeking-criminal-charges-against-the-company-2015-04-29).

Hilton Worldwide Holdings Inc.(HLT) reported a 25% rise in first-quarter earnings per share (http://www.marketwatch.com/story/hilton-posts-22-rise-in-first-quarter-profit-2015-04-29) to 15 cents, up from 12 cents a year ago. Shares rose 1.9%

MasterCard (MA) posted profit that topped estimates (http://www.marketwatch.com/story/mastercard-profit-tops-estimates-2015-04-29-84853737).

Movers & shakers: Shares of Twitter Inc.(TWTR) lost 1.7%, after slumping 18% on Tuesday following the early release of quarterly results that showed revenue growth (http://www.marketwatch.com/story/twitter-revenue-disappoints-shares-tumble-2015-04-28-16485335) fell short of expectations. GoPro Inc.(GPRO) surged 12% ahead of the bell. The maker of wearable video cameras said late Tuesday that its first-quarter profit jumped 52% (http://www.marketwatch.com/story/gopros-profit-up-sharply-on-rising-popularity-2015-04-28).

For more stock moves look here at Movers and Shakers (http://www.marketwatch.com/story/time-warner-mastercard-fiat-chrysler-lumber-liquidators-earnings-in-focus-2015-04-28). (http://www.marketwatch.com/story/gopros-profit-up-sharply-on-rising-popularity-2015-04-28)

Other markets: European stock markets seesawed between small gains and losses (http://www.marketwatch.com/storyno-meta-for-guid) as investors continued to monitor the progress in Greece's bailout talks. Asia closed mostly lower (http://www.marketwatch.com/storyno-meta-for-guid), with Hong Kong shares down 0.2%. Metals and energy (http://www.marketwatch.com/storyno-meta-for-guid) futures were lower across the board.

Subscribe to WSJ: http://online.wsj.com?mod=djnwires