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Wall Street looks to data, earnings

Traders work on the floor of the New York Stock Exchange.
Brendan McDermid | Reuters
Traders work on the floor of the New York Stock Exchange.

U.S. stock index futures indicated a higher open on Friday as traders eyed more earnings and economic data.

On Wednesday the Fed put markets on notice that a rate hike could be coming sooner, when it specifically indicated it could raise rates in December and detailed what it would consider in its decision-making process.

There are two more monthly employment reports before the Fed's December meeting, but the Fed, and markets, will be very sensitive to all employment and inflation related data released over the next six weeks.

In economic news, personal income rose 0.1 percent in September, while personal consumption rose 0.1 percent.

The employment cost index rose 0.6 percent in the third quarter.

The Fed's preferred inflation measure, the personal consumption expenditures (PCE) price index, slipped 0.1 percent in September. The decline marked the first drop since January.

Consumer sentiment is scheduled for release at 10:00 a.m.

On the earnings front, AbbVie, Colgate-Palmolive and Exxon Mobil all reported before the bell.

In oil markets, Brent crude traded near $48.90 a barrel, up 0.2 percent, while U.S. crude a touch higher near $46.09 a barrel, up 0.04 percent.

In Europe, the pan-European Stoxx 600 index was 0.2 percent lower on Friday morning. In Asia, Japan's Nikkei finished 0.78 percent higher, while in China the Shanghai Composite closed 0.13 percent lower.

—Reuters and CNBC's Patti Domm contributed to this report