By Ryan Vlastelica
NEW YORK (Reuters) - Stock futures pointed to a lower open on Wednesday as the latest economic data came in below expectations, giving investors further reasons to take profits amid ongoing tension in Iraq.
* The U.S. economy contracted 2.9 percent in the first quarter, a much steeper pace than previously estimated, though activity was impacted by harsh winter weather and there are indications that growth has since rebounded. In another negative data point, orders for durable goods unexpectedly fell 1 percent in May, compared with the expectation for flat activity.
* While recent data has indicated second quarter economic activity has rebounded, the weak indicators could give investors further reason for caution, especially with major indexes near record levels.
* The S&P 500 hit an intraday record on Tuesday, but enthusiasm waned in the final hours of trading as concerns over Iraq returned to the forefront. The Dow posted its biggest daily decline in over a month.
* S&P 500 e-mini futures
* Militants in Iraq attacked one of the country's largest air bases. The first U.S. teams arrived to assess Iraqi security forces and decide how to help counter the violence.
* Investors are concerned the impact prolonged turmoil in Iraq could have on oil prices, which are already up 3.8 percent this month. U.S. crude futures
* The CBOE Volatility index <.VIX> spiked more than 10 percent on Tuesday, coinciding with the market's pivot lower, the biggest one-day pop for the "fear index" since April. Still, at 12.13 the VIX remains at very low levels on a historical basis.
* Monsanto Co
* Medical Action Industries
* Bristol-Myers Squibb Co
(Editing by Chizu Nomiyama and Nick Zieminski)