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Futures hold higher after data; oil eyed

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U.S. stock index futures indicated a higher open on Friday as traders eyed data and the price of oil.

Dow futures held earlier gains of more than 100 points after the second read on fourth-quarter gross domestic product showed a 1.0 percent rise.

The U.S. advance January goods trade deficit was negative $62.23 billion, Reuters said.

Final consumer sentiment for February is due later in the morning, as is the Federal Reserve's preferred measure of inflation, the price index of personal consumption expenditures that excludes food and energy. The January PCE report will also include data on personal income and consumer spending.

In oil markets, WTI was up more than 3.5 percent above $34 a barrel.

On the earnings front, Foot Locker, JC Penney and Sotheby's posted results Friday.

In Asia, Japan's Nikkei closed up 0.30 percent, while the Shanghai Composite in China closed 0.95 percent higher. In Europe, the pan European Stoxx 600 Index was up by around 1.97 percent on Friday morning.

—CNBC's Evelyn Cheng contributed to this report