US Markets

Stock futures under water after inflation data, bank earnings

U.S. stock-index futures fell on Friday, after results from JPMorgan Chase and Wells Fargo kicked off bank earnings season for the first quarter and after the government reported U.S. producer prices jumped in March.

"We're seeing the first hint of pricing pressure at the producer level, so an upside surprise in PPI, if deflation is something we're concerned about. And we had a miss by JPMorgan and a beat by Wells Fargo, and we've had a cohort of investors sitting on the sideline looking at the carnage of the last six weeks," so how things shake out remains to be seen, said Art Hogan, chief market strategist at Wunderlich Securities.

"Unfortunately we've got a confluence of events where we had a significant selloff yesterday, and Fridays have not been good this year. But that may not be the case, as we chopped a lot of wood yesterday, in the case of satiating seller demand," he added.

JPMorgan, a Dow component, reported earnings that fell short of analysts' estimates, sending its shares lower in premarket trading.

Read More JPMorgan profit falls 19% as trading revenue drops

Wells Fargo reported earnings of $1.05 a share on revenue of $20.63 billion, versus expectations of 97 cents a share on $20.6 billion in sales.

In Washington D.C., the International Monetary Fund and World Bank spring meetings start on Friday. Speeches from a number of central bankers are scheduled, including European Central Bank President Mario Draghi.

In addition, the preliminary reading of April's University of Michigan sentiment survey is out on Friday, along with March PPI (producer price index) data.

U.S. stocks were pummeled on Thursday, in a selloff that started in the momentum names—first biotechs and then techs listed on the Nasdaq exchange. The biggest casualty was the Nasdaq itself, which saw its biggest one-day decline since November 2011.

By CNBC's Katy Barnato