Stock futures shave losses after CPI

U.S. stock index futures fell on Friday, with the losses lessening a bit after the Consumer Price Index fell 0.4 percent in December, in line with estimates.

Intel edged higher in early New York trading after the maker of computer chips reported quarterly results that initially drew a poor response from investors; Goldman Sachs Group fell after the investment bank reported a 7 percent decline in quarterly profit.

"Economic data is basically fine and in line, we've got Intel back in positive territory, oil back in positive territory, better numbers from Goldman Sachs and Europe hanging in there nicely, so this futures move in early trade may be a head fake, and typically Fridays before a long weekend don't tend to be bearish," Art Hogan, chief market strategist at Wunderlich Securities said.

Crude-oil futures were up 1.2 percent at $46.82 a barrel on the New York Mercantile Exchange.

Wall Street stock indexes fell for a fifth straight session on Thursday after the news, and looked set for a lower open on Friday.

Goldman Sachs reports

According to a court filing on Thursday, Intel, along with Adobe Systems, Apple and Google have agreed to pay $415 million to resolve a class action lawsuit filed by tech workers that accused the firms of conspiring to avoid poaching each other's employees.

Other data out on Friday include monthly industrial production at 9:15 a.m. and the Michigan consumer sentiment index at 9:55 a.m.