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Amazon Falls, Obamacare Repeal Fails - 5 Things You Must Know Before the Market Opens

1. -- U.S. stock futures were pointing to losses for Wall Street on Friday, July 28, with technology shares taking a hit following Inc.'s ( AMZN) big miss on its its second-quarter results.

Also denting sentiment was the failure of the U.S. Senate to dismantle Obamacare.

European shares were declining and Asian shares finished Friday's session mostly in the red.

Stocks in the U.S. on Thursday, July 27, closed mixed as a sudden turn lower in tech shares dragged the Nasdaq from record highs. The Nasdaq slid 0.63% and the S&P 500 fell 0.10%. The Dow Jones Industrial Average added 0.40%, clinching a new record close of 21,797.

On Friday in the U.S., the economic calendar includes the first estimate of second-quarter Gross Domestic Product at 8:30 a.m. ET, Consumer Sentiment for July at 10 a.m., and the weekly Baker Hughes Rig Count at 1 p.m. Economists polled by FactSet expect GDP to have risen 2.7% in the second quarter.

Merck & Co. ( MRK) reported second-quarter adjusted earnings of $1.01 a share, beating estimates of 87 cents. The stock rose 4.4% in premarket trading.

American Airlines Group Inc. ( AAL) reported adjusted profit in the second quarter of $1.92 a share, topping forecasts by 7 cents. Passenger revenue in the quarter rose 7.5%.

2. -- Senate Republican leaders early Friday took their best shot at repealing portions of...