U.S. stock futures point to a lower open after rising Tuesday on hopes trade deals are getting done and Trump's tariff plan is getting pared down.

The U.S. economy shrank at a 0.3% annual pace from January through March, the first drop in three years, as President Donald Trump's trade wars disrupted business. First-quarter growth was slowed by a surge in imports as companies in the United States tried to bring in foreign goods before Trump imposed massive tariffs.

President Donald Trump’s aggressive moves to remake the U.S. economy during the first three months of his second term are having a huge impact — and it will probably prove to be a very negative one when the report card for the first quarter is handed out.