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Futures Turn Lower, on Track for Worst Week

U.S. stock index futures erased their early gains to turn lower Friday, set to track its worst weekly loss this year.

On the economic front, new home sales data will be reported on at 10 a.m. ET, the last major housing report this week.

Stocks have been under pressure this week, with the Dow and S&P logging three-straight sessions of declines, amid concerns over a slowdown in China and renewed worries over the euro zone's weakening economy.

Among financials, Evercore raised its price target on BofA in addition to a handful of regional banks.

Meanwhile, RBC boosted its rating on Goldman Sachs and Morgan Stanley to "sector perform" from "underperform." And Atlantic Equities raised its price target on Wells Fargo to $40 from $38.

KB Home tumbled after the homebuilder said orders for new homes declined, but still posted a lower first-quarter loss.

Nike edged higher after the sports apparel maker posted earnings that beat expectations and announced a stock buyback. Canaccord Genuity boosted its price target on the firm to $104 from $96.

Accenture rose after the tech outsourcing and consulting firm topped earnings estimates for the eighth-consecutive quarter. In addition, at least six brokerages raised their price targets on the company.

Fed Chairman Ben Bernanke concludes a busy week of public appearances by making the opening remarks at a Federal Reserve conference on central banking in Washington at 1:45 p.m.

Exchange operator BATS Global makes its Wall Street debut on Friday, after pricing its IPO at $16 per share, at the low end of the expected range of $16—$18 per share.

—Follow JeeYeon Park on Twitter: @JeeYeonParkCNBC

Coming Up This Week:

FRIDAY: New home sales, Fed's Lockhart speaks, Fed's Bullard speaks|

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