US Markets

Dow futures up 150 as oil bounces, US data

What's spooking markets right now: Financial pros

U.S. stock index futures indicated a higher open on Friday as traders digested the release of U.S. economic data ahead of the three-day Presidents Day weekend.

Retail sales rose 0.2 percent in January, while economists expected a 0.1 percent increase. Import prices fell for a seventh straight month, however. Consumer sentiment and business inventories are also set to come out at 10:00 a.m.

Dow futures gained over 150 points as oil posted a sharp rebound.

Stocks were rocked on Thursday as markets fed on fears about economic weakness and worries about the health of European banks. In Europe, the pan European Stoxx 600 Index was up 2.4 percent on Friday.

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In Asia, Japan's Nikkei — open again after a public holiday on Thursday — closed down 4.84 percent, while Hong Kong's Hang Seng Index closed 1.22 percent lower. Markets remained closed in mainland China and are set to re-open next week.

In oil markets, Brent crude traded at around $31.60 a barrel on Friday, up 5.2 percent, while U.S. crude was around $28 a barrel, up by 6.7 percent.

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--CNBC's Patti Domm contributed to this report