Futures Rally Ahead of Bernanke Speech

U.S. stock index futures jumped Friday, looking to recover from the previous session's sharp losses, as investors looked to Fed Chairman Ben Bernanke's speech at Jackson Hole for clues on further stimulus measures and ahead of some key economic reports.

Stocks tumbled in the previous session, with the S&P 500 falling below the key 1,400 level and the Dow closing at 13,000, amid jitters over the Fed's Jackson Hole meeting and following reports that Spain may delay its decision on seeking a bailout.

Bernanke is expected to speak at 10 am ET. Investors will be parsing through his speech for signs the central bank is close to launching further stimulus measures, which will likely boost the stock market. (Read More: Will Bernanke Take the Plunge?)

Macroeconomic data out on Thursday includes the Chicago Purchasing Managers Index of manufacturing activity at 9:45 a.m. New York time. Analysts polled by Briefing.com expect the index to rise from 53.7 in July to 53.8 in August.

The University of Michigan Consumer Sentiment survey for August is due out at 9.55 a.m. Analysts polled by Briefing.com expect the index to remain at 73.6. On Thursday, the Commerce Department reported that consumer spending rose by 0.4 percent in July, its largest gain in five months, while income increased by 0.3 percent.

The government will release factory orders for July at 10 a.m. on Friday. Analysts polled by Briefing.com forecast a 2 percent rise in orders, versus a 0.5 percent fall in June.

European shares gained, reversing a three-day decline, ahead of Bernanke's speech and amid expectations the ECB will announce a new program of bond buying next week.

JPMorgan said it plans to reduce some services to clients and cut ties with others as the banking giant looks to lower clearing and settlement risks, according to the Wall Street Journal.

Among earnings, Splunk surged after the data analytics software maker posted quarterly results and outlook that topped expectations.

Meanwhile, Zumiez plunged after the apparel retailer forecast current-quarter profit below estimates.

The stock market will be closed next Monday for Labor Day.

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

On Tap Next Week:

MONDAY: Labor Day—Markets Closed
TUESDAY: ISM mfg index, construction spending, Democratic National Convention, auto sales; Earnings from Campbell Soup, Smithfield Foods, Teavana
WEDNESDAY: Weekly mortgage apps, productivity & costs, Microsoft/Nokia to unveil Windows 8 handset, Verizon/Motorola to unveil Droid RAZR; Earnings froM Dollar General, H&R Block, Verifond
THURSDAY: Challenger job-cut report, ADP employment report, jobless claims, ISM non-mfg index, quarterly services survey, oil inventories, NY fashion week starts, Amazon.com press conference; Earnings from Hovnanian
FRIDAY: Gov't jobs report; Earnings from Kroger, Lululemon

More From CNBC.com: