Enter multiple symbols separated by commas

Future Gain Ahead of Consumer Sentiment

U.S. stock market index futures were higher Friday, with major averages looking to log their fourth-straight week higher, ahead of a key reading on consumer sentiment.

Stocks pulled back in the previous session, with the S&P 500 snapping its four-day win streak, amid mounting concerns the Federal Reserve may begin tapering off its bond-buying program.

(Watch Now: What Happens When Fed 'Tapers' Down)

"The balance of rhetoric from Fed speakers suggests Bernanke will at least leave tapering open as a prospect, which will help keep the dollar well supported," wrote Derek Halpenny, the European head of global currency research at Bank of Tokyo-Mitsubishi.

On the economic front, the University of Michigan will release its consumer confidence survey at 9:55 am ET, the main data point on the calendar. Economists polled by Reuters predicted the preliminary reading for May will come in at 78.0, up on 76.4 last month. Soon after, the conference board will release its latest leading indicators. Analysts in a Reuters poll forecast the index rose 0.2 percent in April, suggesting a modest improvement in economic conditions.

In terms of central bank speakers, Minneapolis Fed President Narayana Kocherlakota's speech will be closely watched on Friday, after Thursday's comments by the Fed's John Williams and Charles Plosser suggested they were both open to reducing asset purchases in the near-future.

Among earnings, JCPenney slumped after the retailer reported another sharp loss on disappointing sales.

Dell posted earnings that missed Wall Street expectations, but revenue topped forecasts as strength in its enterprise solutions business offset declining PC sales.

Meanwhile, Kansas City Southern will replace Dean Foods in the S&P 500 after the market close next Thursday.

—By CNBC's JeeYeon Park. Follow JeeYeon on Twitter: @JeeYeonParkCNBC

Coming Up This Week:

FRIDAY: Consumer sentiment, leading indicators, Chipotle shareholder mtg, Icahn/Transocean shareholder mtg, JCPenney annual mtg

More From CNBC.com:

Contact U.S.


  • Mike Mayo, Managing Director at CLSA

    JP Morgan CEO Jamie Dimon's recent assertion that some bank shareholders are lazy is "ludicrous," bank analyst Mike Mayo said.

  • Attendees walk through the lobby at the American Society of Clinical Oncology (ASCO) annual meeting in Chicago. (File Photo).

    It's that time again. With researchers set to convene at the American Society of Clinical Oncology meeting, here are the stocks to watch.

  • Trader on the floor of the New York Stock Exchange.

    The summer months may be volatile and difficult, but that doesn't mean investors can't make money, market pro Katie Nixon said Friday.