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Futures Gain Ahead of Economic Reports

U.S. stock index futures edged higher Friday, looking to extend the previous session's gains, as investors waited for a handful of economic reports later this morning.

Economic reports on tap include the University of Michigan Consumer Sentiment survey at 9.55 am ET. Analysts polled by Briefing.com expected a reading of 73.0, up from 72.5 in January.

And the Commerce Department releases new home sales for January at 10:00 am ET. Economists in a Reuters survey forecast a total of 315,000 annualized units, against 307,000 in December.

Stocks finished higher in the previous session, helped by a strong report on Germany's economy and a better-than-expected jobless claims news.

China’s Proview, which has been suing Apple over the use of the iPad name, brought the court battle to U.S. shores, filing suit in a California court.

JC Penney gained after the clothing retailer reported earnings that topped estimates.

Gap slipped after the retailer reported a 40 percent decline in fourth-quarter net income, hurt by higher costs and heavy discounts during the holiday season.

AIG rallied after the insurer said its profit soared 77 percentin the fourth quarter, thanks to a big tax benefit.

Meanwhile, Citigroup sold its stake in India's Housing Development Finance for $1.9 billion, in an aim to shore up their balance sheets to meet stricter capital rules.

European shares were up on strong company results and expectation that the European Central Bank will lend a vast amount to banks at next week's three-year refinancing operation.

Mexican finance minister Jose Antonio Meade will host a two-day meeting of peers and central bankers from the Group of 20 leading economies at the weekend. The meeting will likely be dominated by discussion of the euro zone debt crisis.

—Follow JeeYeon Park on Twitter: @JeeYeonParkCNBC

Coming Up This Week:

FRIDAY: Consumer sentiment, new home sales

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