Updated from 7:43 a.m.

Stock futures continued Thursday's rally on Friday after the latest data showed fourth-quarter growth in the U.S. economy wasn't as bad as feared. 

S&P 500 futures were up 0.63%, Dow Jones Industrial Average futures added 0.6%, and Nasdaq futures rose 0.75%.

The second estimate of fourth-quarter GDP was revised up to an annual rate of 1% from 0.7%, suggesting that the U.S. economy was in better shape than expected to close out last year. Economists had expected GDP to be revised down to 0.4% growth. A stronger U.S. dollar and an inventory buildup continued to hurt manufacturing, though, with exports down 2.7% and imports falling 0.6%. Consumer spending rose 2%, though less than an originally estimated 2.2%. 

Leaders from G20 nations gathered in Shanghai. Investors are hoping for clearer action from China, the world's second-largest economy, on how to boost growth and stabilize markets. Some hope that the two-day meeting could also result in a coordinated stimulus effort from member countries, a notion backed by the International Monetary Fund. However, some have already ruled out such joint efforts. 

"Talking about further stimulus just distracts from the real tasks at hand," said Germany's Minister of Finance Wolfgang Schäuble on Friday. "We, therefore, do not agree on a G20 fiscal stimulus package as some argue, in case outlook risks materialize."

Crude oil continued higher on Friday on reports that Venezuela, Russia, Saudi Arabia and Qatar had agreed to meet in March to further negotiate a production freeze. West Texas Intermediate crude was up 1.1% to $33.44 a barrel.

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Gap (GPS) - Get Report  fell 3% in premarket trading after narrowly beating analysts' profit estimates in its fourth quarter. Revenue fell 6.5% from a year earlier, in line with estimates, while same-store sales slid 7%. The retailer also announced that it had approved a $1 billion share buyback program. 

Weight Watchers (WTW) - Get Report slid 28% in premarket trading after reporting an unexpected loss in its fourth quarter. The weight-loss company reported a net loss of 3 cents a share, compared to estimates for a profit of 2 cents. Revenue fell 21% to $259.2 million. 

Palo Alto Networks (PANW) - Get Report  added 7.8% before the bell, as its quarterly loss widened to 72 cents a share from 53 cents a year earlier. On an adjusted basis, earnings totaled 40 cents a share, a penny above estimates. Revenue jumped 54%. 

Sotheby's (BID) - Get Report shares were on watch after the auction house swung to a quarterly loss. The company reported a fourth-quarter loss of 17 cents a share compared to profit of $1.06 a share a year earlier. Adjusted earnings of $1.19 a share came in above estimates. 

Foot Locker (FL) - Get Report was very slightly lower despite a better-than-expected quarter. The retailer reported a 7.9% increase in comparable-store sales, building on top of the 8.7% growth seen in the fourth quarter. Foot Locker expects comparable-store sales to rise in the mid-single digits for the rest of the year. 

Kraft Heinz (KHC) - Get Report  added 5.3% before the bell after swinging to a profit of 23 cents a share in its fourth quarter, compared to a loss of 4 cents a share a year earlier. The company said it is working on streamlining its organization after completing its merger in the middle of last year. 

Kraft Heinz is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio.

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