Futures Flat After Economic Data; WFC Slips

U.S. stock index futures continued to hover around the flatline Friday, a day after the S&P 500 hit a five-year closing high and after banking giant Wells Fargo posted quarterly results that edged past expectations.

On the economic front, import prices slipped 0.1 percent in December, according to the Labor Department. And the trade deficit unexpectedly increased 16 percent in November to $48.7 billion, according to the Commerce Department. Economists polled by Reuters expected the deficit to decline to $41.3 billion.

Wall Street got its first look at big bank earnings, with Wells Fargo posting a quarterly profit of 91 cents a share, two cents ahead of estimates. Revenue of $21.9 billion was about in line with expectations. Traders reacted negatively to the report, though, sending shares lower in pre-market activity. (Read More: Bank Earnings: What to Watch for)

The Nikkei hit 23-month highs on Friday after Japan's cabinet approved its biggest spending boost since the start of the financial crisis.

Best Buy jumped after the consumer electronics retailer posted flat same-store sales during the holiday season. Still, the company lowered its expectations for free cash flow after it had to pay for some inventory earlier than expected.

Yum Brands remained under pressure as the company amid investigations into the company's food supply and expected weak sales in China. Bernstein cut its price target for the company from $85 to $80, and shares were off more than 1 percent in premarket trading.

Retailer JCPenney tumbled amid concerns about its turnaround plans. UBS downgraded the company to a "sell."

Also on the economic front, the Treasury Department's monthly budget for December will be issued at 2 pm ET.

—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

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