U.S. Markets

Futures Flat as Earnings Season Kicks In

U.S. stock index futures were largely unchanged Friday, a day after the Dow and S&P 500 closed at all-time highs, despite upbeat earnings reports from banking giants Wells Fargo and JPMorgan.

JPMorgan Chase edged higher after the Dow component and the largest U.S. bank by deposits beat expectations on both revenue and earnings. The company reported profit of $1.60 a share against estimates of $1.44, while revenue came in at $25.96 billion vs. expectations of $2.84 billion.

Wells Fargo also gained after the financial company topped the Street on both ends, posting earnings of 98 cents a share against expectations of 93 cents, and revenue of $21.4 billion against $21.21 billion estimates.

They were the first major U.S. banks to report second-quarter earnings, setting the tone for the rest of the sector which will issue results throughout next week. Earnings expectations for JPMorgan in particular were high, as the bank has beaten analyst estimates in 12 of its last 13 earnings reports.

On the economic front, producer prices gained 0.8 percent in June, according to the Labor Department, edging past expectations for 0.5 percent. Meanwhile, core producer prices, which exclude volatile energy and food costs, edged up 0.2 percent.

At 9:55 am ET, the Thomson Reuters/University of Michigan Surveys of Consumers preliminary July consumer sentiment index is scheduled for release. Economists in a Reuters survey expect a reading of 85.0 compared with 84.1 in the final June report.

Major averages soared more than 1 percent on Thursday, with the Dow and S&P 500 closing at record highs, boosted by dovish comments from Fed Chairman Ben Bernanke.

In conjunction with the equity rally, bond yields have continued their retreat. The benchmark 10-year Treasury note most recently yielded 2.54 percent, a 0.19 percentage point decline since its most recent high July 5. The U.S. dollar, however, stiffened against its global competitors, rising past the 1.30 mark against the euro.

(Read More: After the Fed, Here's Who Can Save the Markets)

United Parcel Service tumbled after the package delivery company estimated second-quarter profit below analysts' expectations, hurt by overcapacity in the global air freight market and a slowing U.S. industrial economy. Rival FedEx also declined.

Shares in Europe traded higher on Friday, still boosted by the upsurge in market sentiment following Bernanke's comments.

However, shares in Asia traded cautiously on Friday, ahead of Chinese growth data next week.

China is expected to post second-quarter gross domestic product (GDP) numbers on Monday, after a slew of disappointing trade and manufacturing reports. Investors' nerves were piqued on Friday by reports that the Chinese finance minister was forecasting annual growth of only 7 percent, below the country's official growth target of 7.5 percent.

(Poll: Will China Experience a 'Hard Landing' in 2013?)

"We see no hard landing but rather steady growth. Our 7.7 percent GDP forecast is based on a stronger consumption component, making up for the slowdown in investment," wrote Steve Wang, research director at Reorient Markets, in a note.

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

Coming Up This Week:

FRIDAY: Consumer sentiment

More From CNBC.com: