Fed caution, weak economic growth weigh on stock futures

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[April 30, 2015]  By Tanya Agrawal

(Reuters) - U.S. stock index futures were lower on Thursday, a day after data showed that U.S. economic growth slowed to a crawl in the first-quarter and a Federal Reserve statement that provided little clarity on a rate hike timeline.

Data released on Wednesday showed gross domestic product expanded at an only 0.2 percent annual rate as harsh weather put off shoppers and energy companies cut spending.

The Fed attributed poor economic numbers to "transitory factors" but pointed to soft patches across the economy, in a sign it may have to hold off hiking rates until at least September.

Apple <AAPL.O> shares fell 0.9 percent to $127.50 in premarket trading after early adopters of the Apple Watch complained that many key functions are disrupted by their tattoos.

Yelp <YELP.N> shares fell 17.7 percent to $42.71 a day after the operator of consumer review website forecast second-quarter revenue below analysts' expectations.

Glu Mobile <GLUU.O> shares jumped 21.3 percent to $6.55 after Chinese social networking company Tencent Holdings <0700.HK> agreed to buy a 14.6 percent stake in the company.

Baidu <BIDU.O> shares dropped 4 percent to $210.10 a day after China's dominant Internet search engine posted its slowest quarterly revenue growth rate in almost seven years.

Earnings expected on Thursday include Coca-Cola <CCE.N>, ConocoPhillips <COP.N> and Colgate-Palmolive <CL.N> before the bell, and Dow component Visa <V.N>, and LinkedIn <LNKD.N> after the close.

Data expected later in the day include consumer spending number for March and weekly jobless claims, both at 8:30 a.m. EDT (1230 GMT), and Chicago factory index numbers for April at 9:45 a.m. (1345 GMT)

Futures snapshot at 6:34 a.m. EDT (1034 GMT)

S&P 500 e-minis <ESc1> were down 4.25 points, or 0.2 percent, with 153,546 contracts changing hands.

Nasdaq 100 e-minis <NQc1> were down 20 points, or 0.45 percent, in volume of 23,713 contracts.

Dow e-minis <1YMc1> were down 51 points, or 0.28 percent, with 27,957 contracts traded.

(Reporting by Tanya Agrawal; Editing by Savio D'Souza)

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