Futures Edge Higher After BofA, GE Earnings

U.S. stock index futures reversed earlier loses ahead of the open Friday after Dow components Bank of America and General Electric beat estimates with their quarterly earnings.

Bank of America reported a profit per share of 27 cents on revenue of $29.45 billion for the three months ended June. Analysts estimated a profit of 22 cents per share in the period. Shares fell in pre-market trading.

GE posted earnings of 30 cents a share from continuing operations in its second quarter, against expectations for 27 cents a share. Revenue figures came in below consensus, but shares of GE were higher in pre-market trading. (GE is the parent company of CNBC).

European shares managed to make modest gains but weak banking stocks dampened the major indexes. Asian markets closed mixed, but mostly lower, in the wake of the weak close in the U.S.

Shares of Google are likely to fall at the open after the Internet search giant missed expectations with its quarterly earnings. AMD shares could gain after its quarterly numbers beat consensus estimates.

Citigroup is set to report quarterly numbers ahead of trading. Mattel posted a smaller-than-expected profit for the second quarter.

Meanwhile, the government is due to release its June Consumer Price Index figures at 8:30 am New York time, with consensus forecasts calling for an unchanged reading following a May drop of 0.2 percent. The core rate, figured without the food and energy components, is expected to show an increase of 0.1 percent, matching the May figure.

At 9:55 am, the University of Michigan's widely-followed consumer sentiment index for July will be out, with economists looking for a reading of 75.0, down a point from June's 76.0 figure.

Apple'snews conference about the iPhone 4 is set for 1 pm. The Wall Street Journal is reporting that Apple will not announce a recall of the phone

BP shares surged in London trading after the company reported that it had stopped the Gulf of Mexico oil leak in a successful test of its new containment cap. BP is still expressing caution about the ultimate success of that cap, as it continues to drill relief wells that it says will represent a more permanent solution. New York-listed shares of BP ended sharply higher Thursday.

In other news, Goldman Sachs announced it would pay a record $550 million to settle SEC charges related to subprime mortgage collateralized debt obligations.

- Peter Schacknow, Senior Producer, CNBC Breaking News Desk, contributed to this report.