US Markets

Stock futures turn higher; data shows benign inflation


U.S. stock index futures reverted to gains on Friday, after falling sharply a day earlier, as producer prices dropped 0.2 percent in May and investors tracked violence in Iraq.

Major averages are all ticking lower for the week, with the S&P 500 logging its worst day in a month on Thursday.

Intel proved a bright spot amid the selloff, The chipmaker raised its outlook for the second quarter and the full year, and said demand for personal computers used by businesses was stronger than expected.

Read MoreIntel raises Q2 revenue outlook on strong demand

Markets in Europe were lower on Friday amid caution over Iraq as well as the situation in Ukraine. U.S. President Barack Obama has threatened military action in Iraq against Islamist militants who are pushing on towards Baghdad.

The University of Michigan's consumer sentiment index is released at 9:55 a.m. ET and will give investors further clues on households' financial conditions and their attitudes about the economy.

By CNBC's Antonia Matthews