U.S. stock-index futures fell on Friday, after results from JPMorgan Chase and Wells Fargo kicked off bank earnings season for the first quarter and after the government reported U.S. producer prices jumped in March.
"We're seeing the first hint of pricing pressure at the producer level, so an upside surprise in PPI, if deflation is something we're concerned about. And we had a miss by JPMorgan and a beat by Wells Fargo, and we've had a cohort of investors sitting on the sideline looking at the carnage of the last six weeks," so how things shake out remains to be seen, said Art Hogan, chief market strategist at Wunderlich Securities.
"Unfortunately we've got a confluence of events where we had a significant selloff yesterday, and Fridays have not been good this year. But that may not be the case, as we chopped a lot of wood yesterday, in the case of satiating seller demand," he added.
JPMorgan, a Dow component, reported earnings that fell short of analysts' estimates, sending its shares lower in premarket trading.
Wells Fargo reported earnings of $1.05 a share on revenue of $20.63 billion, versus expectations of 97 cents a share on $20.6 billion in sales.
In Washington D.C., the International Monetary Fund and World Bank spring meetings start on Friday. Speeches from a number of central bankers are scheduled, including European Central Bank President Mario Draghi.
In addition, the preliminary reading of April's University of Michigan sentiment survey is out on Friday, along with March PPI (producer price index) data.