Trump at G7; Amazon and Google near $1,000; U.S. data

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1. G7 meeting: President Trump's whirlwind foreign tour continues Friday at the G7 summit in Italy.

Trump will meet leaders of the U.K., Germany, France, Italy, Japan, Canada and the European Union in Sicily to discuss the global economy, trade, inequality and climate change.

Trump's skepticism towards free trade and the Paris Agreement on climate change could make it a difficult meeting.

2. Amazon and Google near $1,000: Both Amazon (AMZN) and Alphabet (GOOGL), the owner of Google, are fast approaching the magic share price of $1,000.

Shares of Amazon are now up nearly 35% this year, with Google up 25%. Both are now within $10 of the barrier.

Only one other stock in the S&P 500 -- Priceline (PCLN) -- has a share price in the quadruple digits.

3. GDP update: An initial estimate of first quarter U.S. GDP showed the economy grew by just 0.7%, the most anemic pace in three years.

But first quarter GDP is often revised higher. Investors will be watching to see if the trend continues when the second estimate is released at 8:30 a.m. ET.

4. Global market overview: U.S. stock futures were flat early on Friday.

European markets opened lower, while Asian markets ended the session mixed.

The pound slumped 0.5% against the U.S. dollar after a poll showed that Prime Minister Theresa May's lead is slipping just two weeks before a general election.

Oil prices, meanwhile, recovered 0.5% after slumping as much as 5% on Thursday. OPEC and key producers including Russia have agreed to extend curbs on oil output to the end of March 2018, but some investors were hoping for stronger action.

U.S. markets climbed for the sixth consecutive trading session on Thursday.

The Dow Jones industrial average closed 0.3% higher, while the Nasdaq was up 0.7%. The S&P 500 closed at another record high, having climbed 0.4%.

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5. Earnings and economics: Big Lots (BIG) will release earnings before the opening bell.

Ulta Beauty (ULTA), Costco (COST) and Hormel Foods (HRL) were higher in extended trading after posting results on Thursday.

The U.S. Census Bureau will publish data on durable goods orders for April at 8:30 a.m. ET.

The University of Michigan's consumer sentiment survey for May is set to be released at 10 a.m.

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6. Coming this week:

Friday -- Second estimate of first-quarter U.S. GDP

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