U.S. equity futures were trading choppy ahead of the release of a key economic reading.

The major futures indexes suggest a slight decline when the opening bell rings.

Stocks fell on Tuesday in a broad decline after the release of a weaker-than-expected U.S. consumer confidence report indicated worsening consumer expectations due to persistently high inflation.

Traders working on floor of NYSE

Traders work on the floor of the New York Stock Exchange (NYSE) in New York. (REUTERS/Brendan McDermid)

On Wednesday morning, the final revision of first-quarter gross domestic product is expected to confirm a larger contraction of the U.S. economy than earlier readings. The Refinitiv forecast is for a seasonally adjusted annualized contraction of 1.5%. That’s unchanged from the preliminary estimate last month, but a big reversal from the 6.9% pace of growth in the fourth quarter.

GDP UPDATE TO GIVE FRESH RECESSION CLUES AMID SOARING INFLATION

Factory Worker

The final revision of first-quarter gross domestic product due out Wednesday is expected to confirm a larger contraction of the U.S. economy. (AP / AP Newsroom)

Earnings reports are expected from Barnes & Noble Education, Bed Bath & Beyond, General Mills, McCormick & Co, Paychex and Schnitzer Steel.

Bitcoin traded around $20,000 following a two-day decline.

In Asia, Tokyo's Nikkei 225 index lost 0.9%, the Hang Seng in Hong Kong declined 1.2% and China's Shanghai Composite index sank 1.4%.

Ticker Security Last Change Change % I:DJI DOW JONES AVERAGES 30946.99 -491.27 -1.56%SP500 S&P 500 3821.55 -78.56 -2.01%I:COMP NASDAQ COMPOSITE INDEX 11181.540156 -343.01 -2.98%

On Tuesday, the S&P 500 ended 2% lower at 3,821.55, while the Dow dropped 1.6% to 30,946.99. The tech-heavy Nasdaq slid 3% to 11,181.54.

S&P 500 HEADS TO WORST FIRST HALF SINCE 1970S

Energy stocks made solid gains as U.S. crude oil prices rose 2%.

Oil storage

Storage tanks are seen at Marathon Petroleum’s Los Angeles Refinery. (REUTERS/Bing Guan / Reuters Photos)

Wednesday morning, U.S. crude oil slipped to $111 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude traded at $117 per barrel.

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The yield on the 10-year Treasury note, which helps set mortgage rates, slipped to 3.15% from 3.19%.

The Associated Press contributed to this report.

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https://www.foxbusiness.com/markets/stock-futures-6-29-2022

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