By Barbara Kollmeyer, MarketWatch

Oil prices recover some from a drubbing

NEW YORK (MarketWatch) -- U.S. stock futures trimmed losses and pointed to a flat open on Wall Street, as investors waited for a batch of government data to assess the health of the economy.

Ahead of the opening bell, the first revision to figures for gross domestic product showed the U.S. economy grew at a slower pace than originally estimated, but still the revision proved better than expected. The economy grew at a revised 2.2% in the fourth-quarter of 2014, the GDP report indicates (http://www.marketwatch.com/story/us-fourth-quarter-gdp-trimmed-to-22-from-26-2015-02-27).

Amid a relatively quiescent trading period, the main indexes were on track to finish the week slightly higher and post the biggest monthly gain in more than three years.

Futures for the Dow Jones Industrial Average (DJH5) eased 9 points to 18,194, while those for the S&P 500 index (SPH5) were down 2.5 points to 2,107.40. Futures for the Nasdaq-100 (NDH5) slipped 3.75 points to 4,458.

Wall Street nabbed more record highs on Thursday, though the S&P 500 (SPX) closed off 0.2%, weighed down by losses from energy stocks as oil prices fell. The index is flat on a week-to-date basis, but has gained 5.8% on the month.

Read: S&P 500 weighed by energy sector; Russell 2000 ends at record (http://www.marketwatch.com/story/us-stocks-wall-street-trades-sideways-ahead-of-cpi-durable-goods-data-2015-02-26)

More-impressive February gains have come from the Nasdaq Composite (RIXF), up 7.6% for the month. The index closed Thursday up 0.4% to 4,987.89, a handful of points from 5,000. The Russell 2000 (RUT) outperformed large caps as well, with a 0.3% gain, another record close for the year.

Wall Street could be inspired to move by a batch of economic data. At 9:45 a.m. Eastern, the Chicago Purchasing Managers Index for February will be released, followed by the February University of Michigan/Thomson Reuters consumer-sentiment data at 9:55 a.m. Eastern. At 10 a.m. Eastern, pending-home sales for January are due.

William Dudley, the president of the New York Fed, and Cleveland Fed President Loretta Mester will both speak at 11 a.m. Eastern Time. Fed Vice Chairman Stanley Fischer will speak at 1:30 p.m. Eastern.

Oil prices recover: A sharp drop in crude prices on Thursday was unwinding as both WTI (CLJ5) and Brent crude gained more than 2%, which could lend support to energy names later.

Read: There is more to oil's plunge than record-high supplies (http://www.marketwatch.com/story/theres-more-to-oils-thursday-plunge-than-record-high-supplies-2015-02-26)

However, futures weren't taking too much comfort from that gain, as Baker Hughes will publish new drilling-activity data later. Analysts said that could weigh on WTI further, if it shows the decline in the U.S. oil-rig count hasn't picked up the pace.

The dollar held on to gains after the U.S. Dollar Index (DXY) hit levels not seen since 2003 on Thursday. European stocks were also in negative territory, while property shares dragged Hong Kong stocks lower.

Stocks to watch: Shares of Apple Inc.(AAPL) could grab some attention after Ericsson AB said it would sue the tech giant for infringing on 41 patents (http://www.marketwatch.com/story/ericsson-sues-apple-for-infringing-41-patents-2015-02-27) it says are crucial to the functionality of Apple's devices.

Apple said Thursday that it will hold an event on March 9, and the company hinted that it will be related to the launch of its Apple Watch, as the invitation said "Spring Forward," The Wall Street Journal reported (http://blogs.wsj.com/digits/2015/02/26/apple-plans-special-event-on-march-9-likely-for-smartwatch/).

(http://blogs.wsj.com/digits/2015/02/26/apple-plans-special-event-on-march-9-likely-for-smartwatch/) (http://blogs.wsj.com/digits/2015/02/26/apple-plans-special-event-on-march-9-likely-for-smartwatch/)J.C. Penney Co. Inc.(JCP) slid 12% in premarket after the retailer posted a surprise fourth-quarter loss (http://www.marketwatch.com/story/jc-penney-shares-tumble-after-company-posts-quarterly-loss-2015-02-26).

Gap Inc.(GPS) shares rose 2% after the retailer announced buybacks and a dividend increase late Thursday (http://www.marketwatch.com/story/gap-shares-rise-after-fourth-quarter-profit-beats-estimates-2015-02-26).

(http://www.marketwatch.com/story/gap-shares-rise-after-fourth-quarter-profit-beats-estimates-2015-02-26) (http://www.marketwatch.com/story/gap-shares-rise-after-fourth-quarter-profit-beats-estimates-2015-02-26)Later Friday, Berkshire Hathaway Inc.(BRKA) (BRK/A) will release results.

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