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Futures Slump on Bank Earnings, China GDP

Two of Wall Street's biggest banks reported profit that beat analyst expectations, but concerns about the quality of the profit dragged down shares and helped add to losses for stock futures.

JPMorgan posted results that topped estimates, but shares slipped due to year-over-year declines in net income and revenue. In addition, CEO Jamie Dimon said elevated mortgage-related costs and losses may continue for a while longer.

Wells Fargo also beat earnings expectationsas the bank posted strong mortgage banking results, but shares dipped.

Geopolitical concerns also weighed, as Chinese growth slowedin the first quarter. But the tepid data led some to believe that Beijing could further ease monetary policy further to boost the economy.

In addition, Spanish banks had borrowed heavilyfrom the European Central bank in March, underlining the continuing difficulties peripheral institutions are having in securing funding.

Google is in the spotlight as well after the search-engine giant's earnings beat forecasts and the company also announced a two-for-one stock split designed to preserve the control of its co-founders. At least nine brokerages boosted their price target on the firm.

Apple has rejected the U.S. Justice Department's allegations that it colluded with publishers over electronic book pricing, calling the charges "simply not true," according to reports.

On the economic front, consumer prices rose 0.3 percent in March, according to the Labor Department, in line with expectations.

—Follow JeeYeon Park on Twitter: @JeeYeonParkCNBC

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