US STOCKS-Index futures lower ahead of GDP data

                                

                                
 * Aetna lifts outlook
                                
 * Procter & Gamble tweaks forecast
                                
 * First-quarter GDP data on tap
                                
 * Futures down: Dow 11 pts, S&P 1.6 pts, Nasdaq 4 pts
                                
 * For up-to-the-minute market news see STXNEWS/US
  (Updates market activity)
                                
 By Edward Krudy
                                
 NEW YORK, April 28 (Reuters) - U.S. stock index futures
edged lower on Thursday, a day after the Nasdaq hit a 10-year
high and as investors braced for first-quarter growth data amid
concerns the U.S. economy may be starting to slow.
                                
 Economists in a Reuters survey forecast a 2.0 percent
annualized pace of growth, compared with 3.1 percent in the
fourth quarter, but rising commodity prices have left some
worrying about a deeper slowdown.
                                
 A number of companies reported earnings, but the market
impact was slight ahead of the GDP data. Procter & Gamble Co
<PG.N> lowered the high end of its profit forecast as it tries
to trim expenses and increase prices to offset rising materials
costs. Its shares fell 1.6 percent to $63  in premarket
trading. [ID:nN28183619]
                                
 The prospect of continued low interest rates after Fed
Reserve Chairman Ben Bernanke's first-ever press conference
drove stocks higher Wednesday and helped to cement a bullish
stocks outlook, even as the seasonally weak month of May
approaches.
                                
 "The 'sell in May and go away' is not likely to happen this
year," said Peter Cardillo, chief market economist at Avalon
Partners, referring to an old stock market adage.
                                
 But he added, "obviously the market is at high levels here
and any negative news could take some of the starch out of the
market," noting that a GDP reading under 1.5 percent would be a
blow for investors.
                                
 Aetna Inc <AET.N> raised its full-year profit forecast,
continuing a string of strong results for the health insurance
industry. The shares rose 6.2 percent to $42.25 premarket.
                                
 S&P 500 futures <SPc1> fell 1.6 points and were just below
fair value, a formula that evaluates pricing by taking into
account interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures <DJc1> dropped
11 points, and Nasdaq 100 futures <NDc1> lost 4 points.
                                
 U.S. crude futures rose to their highest in 2-1/2 years and
metal prices rallied as the Fed appeared in no rush to tighten
monetary policy.
                                
 The dollar sank to a three-year low against a basket of
currencies and was at risk of a drop to $1.50 versus the euro,
with momentum-driven investors anticipating that U.S. interest
rates will be low for a long time.
                                
 Japan's Nikkei <.N225> closed up 1.6 percent while European
stocks edged 0.1 percent higher in morning trade, gaining
ground for the sixth straight session after strong earnings
from Deutsche Bank <DBKGn.DE> and Royal Dutch Shell <RDSa.L>.
                                
 Starbucks Corp <SBUX.O> warned Wednesday that rising costs
will take a bigger chunk out of earnings than previously
anticipated, and its full-year forecast disappointed Wall
Street.
  (Editing by Jeffrey Benkoe)