Before the bell: GDP data may drag the stocks down

U.S. stocks were headed for an early sell-off Friday after the government said economic growth slowed sharply in the second quarter.
U.S. stocks lost steam late in Thursday's session, pushing the Dow lower for the fifth straight session. It's all about the debt ceiling, which must be raised by Aug. 2, when the Treasury will no longer be able to pay all its bills.
Even if Boehner's plan does pass the House, Senate Majority Leader Harry Reid has promised the Democratic-controlled Senate will block it, and President Obama has threatened a veto.
Moody's said it may downgrade Spanish debt.

Economy: The government reported that second-quarter GDP growth was only 1.3%, up from a revised 0.4% rate in the previous three months. That was far worse than expected.
After the opening bell, the Chicago purchasing managers index and the University of Michigan consumer sentiment survey will be released.
Companies: Drugmaker Merck (MRK, Fortune 500) reported earnings of 95 cents per share - in line with analyst expectations. The company said it that it would reduce its workforce by 12% to 13% from 2009 levels by the end of 2015 as the next phase of a restructuring program.
Shares of Starbucks (SBUX, Fortune 500) were up 2.4% in premarket trading after the company beat earnings expectations on Thursday.
Dow member and oil giant Chevron (CVX, Fortune 500) will also report before the bell. Analysts are looking for Chevron to earn $3.56 a share.