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Wall Street looks to data, earnings

A trader works on the floor of the New York Stock Exchange.
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U.S. stock index futures indicated a flat to slightly higher open on Friday, with traders keenly anticipating the release of economic data for any signs of softness that would reinforce the pervading view that the Fed is on hold for now.

Stocks surged Thursday amid speculation the Fed would not hike rates until sometime next year, with weak economic reports feeding that view.

The market got a nudge from a comment by New York Fed President Bill Dudley, who said he would favor a rate hike this year, but it depends on the strength of the economy. He then added that recent data indicates the economy is slowing.

On the data front, industrial production declined 0.2 percent in September, with capacity utilization at 77.5 percent.

Consumer sentiment and the job openings and labor turnover survey, or JOLTs, released at 10:00 a.m.

On the earnings front, General Electric posted earnings per share above expectations, but revenues fell short of estimates.

Honeywell, Comerica, Kansas City Southern, SunTrust, Synchrony Financial and W.W. Grainger also reported before the bell.

Oil traded higher, with crude near $46.70 a barrel and brent just under $50 a barrel.

In Europe, the pan-European Stoxx 600 index held about half a percent higher ahead of the U.S. market open. In Asia, Japan's Nikkei finished 1.08 percent higher, while in China the Shanghai Composite closed 1.62 percent higher.

—CNBC's Patti Domm contributed to this report