Stock futures rise as Wall Street awaits more major bank earnings, key data

U.S. stock futures rose Friday as traders digested a fresh batch of bank earnings and awaited key economic data.

Dow Jones Industrial Average futures gained 90 points, or 0.3%. S&P 500 and Nasdaq 100 futures inched 0.1% higher and Nasdaq 100 futures added 0.05%.

A new round of bank results from Wells Fargo and Citigroup offered further insight into the health of the economy. Wells Fargo shares slipped more than 1% in the premarket as quarterly profits declined 48% and the bank set aside funds for bad loans. Citigroup added 3% as the bank beat estimates and benefitted from a rising rate environment.

A day earlier, investors combed through troubling reports from JPMorgan Chase and Morgan Stanley, which kicked off major bank earnings, and also weighed the likelihood of larger interest rate hikes from the Federal Reserve and looming recession concerns.

Shares of JPMorgan Chase dropped about 3.5% after the bank said it built up reserves for bad loans, and suspended share buybacks. Meanwhile, Morgan Stanley's shares declined 0.4% after the bank reported weaker-than-expected investment banking revenue.

"I don't have a lot of bullishness on our ability to grow earnings in this environment," G Squared Private Wealth CIO Victoria Greene said Thursday on CNBC's "Closing Bell: Overtime." "I don't think it was bad or tragic, you know, but I think unfortunately, this earnings season, any miss on earnings or margins is going to be punished and any actual beats may actually be picked apart."

On the economic front, the latest report on June retail sales, as well as import and export prices, are due out Friday at 8:30 a.m. ET. Preliminary July data for consumer sentiment is out at 10 a.m. ET.

Elsewhere in corporate news, Pinterest shares surged 14% following a Wall Street Journal report that said activist investor Elliott Management took a stake of more than 9% in the social media company.

Wall Street is coming off a mixed session, with the Dow dropping nearly 0.5% on Tuesday. The S&P 500 dipped 0.3%, and the Nasdaq Composite inched 0.03% higher.