Wall Street reacts to Yellen speech, awaits data

U.S. stock index futures indicated a higher open on Friday as markets digested Thursday's speech from Fed Chair Janet Yellen.

Yellen, who spoke after the market closed, may have slightly recalibrated expectations for a rate rise, by saying she personally anticipates a hike this year.

Traders had hoped the speech would clarify the central bank's position on rate hikes, after last week's FOMC meeting and a week of volatile markets.

Read MoreYellen nudges markets slightly on rates

The Fed chair said it would likely be appropriate to raise rates from near zero "sometime later this year," though the decision would continue to rely on economic data. In her comments last week, she had not identified herself as part of the group favoring rate hikes this year, but she had made a similar comment during the summer.

Dow futures traded about 210 points higher after briefly gaining 250 points, while S&P 500 and Nasdaq futures also indicated a higher open.

Federal Reserve Chair Janet Yellen
Mary Schwalm | Reuters
Federal Reserve Chair Janet Yellen

On the data front, the second revision for second-quarter GDP came in at 3.9 percent.

GDP was expected to show growth at 3.7 percent. Consumer sentiment is due to be released at 10:00 a.m.

The dollar gained and yields held higher, with the 2-year near 0.71 percent.

In Europe, the pan-European Stoxx 600 index was about 3 percent higher Friday morning, helped by some recovery in auto stocks. In Asia, the Shanghai Composite index closed down 1.62 percent, while Japan's Nikkei finished 1.76 percent higher.

On the earnings front, BlackBerry and Finish Line both posted results before the bell.

BlackBerry—The handset maker lost an adjusted 13 cents per share for its latest quarter, 4 cents wider than estimates. Its revenue was well short of forecasts, and it projected "modest" sequential quarterly revenue growth for the rest of fiscal 2016.

Finish Line—The athletic apparel and footwear retailer matched estimates with adjusted quarterly profit of 57 cents per share. Revenue missed analyst forecasts, however, as same-store sales rose 1.5 percent.

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In oil markets, Brent crude traded at around $48.28 a barrel, up 0.23 percent, while U.S. crude was at $45.23 a barrel, up 0.71 percent.

--CNBC's Patti Domm contributed to this report.