By Ryan Vlastelica NEW YORK (Reuters) - U.S. stock index futures were flat on Wednesday, following a sharp decline in the previous session, as investors looked ahead to a read on GDP expected to show the economy shrank in the first quarter. * A negative read, which largely reflects the impact of harsh winter weather throughout the early months of the year, is likely priced into markets, but other economic indicators could drive trading. Durable goods orders, also due at 8:30 a.m., are seen as flat in May, while a June read on service sector business activity from financial data firm Markit is seen as essentially unchanged from May. * The S&P 500 hit an intraday record in early trading on Tuesday, boosted by some positive economic data, 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.
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