U.S. stock futures paired their early gains and turned negative after the advanced second quarter GDP reading.
The nation’s gross domestic product, the broadest measure of U.S. economic activity, fell at a smaller-than-expected rate from April to June. The government said that GDP shrank 1% in the second quarter, slightly better than the expected consensus of 1.5%. While the reading was better-than-expected, it was the fourth consecutive quarter of negative GDP and the first quarter reading was also revised down to negative 6.4% from negative 5.5%.
In other news, the US administration is working to keep the "cash for clunkers" program going despite the fact that it exhausted its authorized funding of nearly $1 billion in less than a week.
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