Fears of a Greek default and the kind of contagion referenced by the ECB in its Financial Stability Review is keeping US stocks on the back foot. US markets are settings up for a lower open on Friday ahead of the second estimate of US first quarter GDP growth. “In the absence of a quick agreement on structural implementation needs, the risk of an upward adjustment of the risk premia demanded on vulnerable euro-area sovereigns could materialize,” the ECB said. The comments feed into worries that bond markets could see a repeat of the jolt seen a month ago when yields of government debt jumped sharply. There is still a sense of caution running through markets following the sharp sell-off in bonds that goes a long way to explain the last few failed attempts at establishing new highs in stock markets. US GDP is expected to be revised much lower to -0.8% from 0.2% in the first estimate. Although the data is backwards-looking, it hardly points to an accelerating US economic recovery. There’s clearly a need to normalise interest rates but the Federal Reserve is unlikely to look through a slowing economy when deciding on the timing of doing so. Shares of GoPro jumped to a 4 month high on Thursday after news it is teaming up with Google on a virtual reality project called ‘Jump’. Tying up with Google could yield a future area of profitability for GoPro but also further establishes its place as the go-to company for hi-tech cameras Futures suggest the: S&P 500 will open 4 points lower at 2,116 with the Dow Jones expected to open 48 points lower at 18,078 and the Nasdaq 100 15 points lower at 4,520. CMC Markets is an execution only provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.