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Futures head lower ahead of economic growth report

In this Tuesday, April 16, 2013, photo, Specialist Michael O'Mara, left, and trader Fred Demarco work on the floor of the New York Stock Exchange. World stock markets fell Friday April 26, 2013 after Japan faced an unwelcome drop in consumer prices. (AP Photo/Richard Drew)

NEW YORK (AP) -- Futures are falling after a solid week of corporate earnings drove all major markets higher, as investors grow more cautious before the latest U.S. economic growth report is released.

Dow Jones industrial futures are down 35 points to 14,618. S&P futures have lost 4.9 points to 1,576.80. Nasdaq futures are down 9.75 points to 2,834.25.

Most economists believe that U.S. economic growth was reignited during the first three months of the year after coming to a standstill to end 2012.

Yet there is considerable apprehension about the effects of higher taxes and diminished government spending. Economists predict that the overall economy grew at an annual rate of 3.1 percent from January to March.

The Commerce Department releases the report at 8:30 a.m. Eastern on Friday.