S&P 500 futures were up 0.41%, Dow Jones Industrial Average futures rose 0.44%, and Nasdaq futures added 0.38%.
JPMorgan rose nearly 2% in premarket trading after topping lowered earnings estimates in its recent quarter. Profit in the third quarter slid 7.6% as a volatile market and a low interest-rate environment depressed the bottom line. Per-share earnings of $1.58 fell a dime from a year earlier, but beat estimates of $1.39 a share. The largest U.S. bank by assets also reported a 8.4% increase in revenue to $25.51 billion, exceeding forecasts of $24 billion.
The big bank kicked off the earnings season for the financials sector. Financials endured a rocky quarter in the wake of the Brexit decision in late June which caused market turmoil. Banks have also had to weather an environment of low interest rates with a cautious Federal Reserve holding its monetary policy at crises levels.
Citigroup (C) - Get Report climbed after exceeding analysts' estimates on its top- and bottom-lines in its third quarter. The bank earned $1.24 a share, 8 cents above forecasts. Revenue slid 4% to $17.76 billion, edging past estimates by $420 million.
Wells Fargo (WFC) - Get Report also moved higher before the bell following a better-than-expected third quarter. The bank, which has recently been embroiled in a sales scandal, earned $1.03 a share over its recent quarter. Analysts had anticipated earnings of $1.01 a share. Revenue climbed nearly 2% to $22.3 billion, narrowly beating forecasts by $80 million.
Retail sales in the U.S. climbed 0.6% in September, a sign the consumer sector remains a strong point in the U.S. economy. Analysts had expected a slightly stronger increase of 0.7%. The measure rebounded from a slight decline in August, its first in five months. Excluding gas and autos, sales rose 0.3%, as expected, after a flat reading in August.
Producer prices in the U.S. rose in September at a faster pace than expected. The Bureau of Labor Statistics reported a 0.3% increase in prices in September, above 0.2% expected and a flat reading in August. Core producer prices rose 0.1%, in line with estimates.
Wall Street clawed back from a heavy selloff on Thursday to settle modestly lower after worries over China's economic growth faded and crude oil regained a level above $50 a barrel. Weak imports data from China had triggered worries over growth in the second-largest economy.
On theeconomic calendar Friday, retail sales and producer prices for September will be released before the bell, while Boston Fed President Eric Rosengren and Fed Chair Janet Yellen will address Boston Fed's 60th Economic Conference later in the day.
HP (HPQ) - Get Report slid nearly 2% in premarket trading after issuing a weak forecast and detailing plans to cut between 3,000 and 4,000 jobs over the next three years. The company said it expects free cash flow of $2.3 billion to $2.6 billion over its fiscal year ending October 2017, below estimates of at least $2.76 billion. HP said it continued to face weakness in the printer and personal computer markets.
Hershey (HSY) - Get Report was on watch after CEO John Bilbrey announced plans to retire next summer. The board has set up a special committee to find a replacement when Bilbrey cedes the position on July 1, 2017.