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Futures Move Higher on Earnings Strength

U.S. stock index futures pushed higher ahead of the open Friday as another batch of mostly positive earnings reports indicated that Wall Street could continue the previous day's aggressive 2 percent rally.

Ford Motor was the big story for the morning, posting earnings of 68 cents a sharethat easily outdistanced expectations. The automaker's shares gained 4.2 percent in premarket trading.

Dow component Verizon also beat expectations despite a drop in revenue. Shares gained 1.4 percent premarket. And former Dow component Honeywell reported earnings of 60 cents a share, ahead of estimates, and raised its outlook, sending its shares soaring 8.7 percent.

McDonald's posted profit that narrowly beat analyst estimates, but its shares fell 1.4 percent premarket. Microsoftbeat analyst estimates with its after-the-bell report Thursday, and its shares edged higher premarket.

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Amazon.com shares plummeted 12.5 percent premarket as its earnings fell short of estimates. SanDisk shares fell 8 percent after hours on a disappointing outlook and word that its co-founder and CEO Eli Harari will retire at the end of this year.

Investors also waited for results from the European Union's bank stress tests.

European stocks were mixed, but mostly higher, with miners leading the gains. Asian stocks closed higher across the board in the back of a strong close on Wall Street Thursday.

The results of the European bank tests are due at midday New York time and should provide details on how the 91 banks tested would manage under worsening economic conditions.

Also in Europe, Moody's placed Hungary's credit rating under review for possible downgrade in the wake of collapsed debt negotiations with the International Monetary Fund.

There are no major economic releases on the calendar for Friday. The government's new home sales report for June, which often comes the day after the existing home sales report from the National Association of Realtors, is scheduled for Monday morning at 10 am New York time.

- Peter Schacknow, Senior Producer, CNBC Breaking News Desk, contributed to this report.