* Futures up: Dow 24 pts, S&P 3.7 pts, Nasdaq 3.5 pts
* JP Morgan climbs after earnings
* PPI, consumer sentiment data on tap
* AMD drops after revenue warning
By Chuck Mikolajczak
NEW YORK, Oct 12 (Reuters) - U.S. stock index futures
advanced on Friday, indicating the S&P 500 may crimp its worst
weekly decline since early June, following a robust earnings
report from JP Morgan and ahead of data on consumer confidence
JPMorgan Chase & Co rose 1.4 percent to $42.68 in
premarket trading after reporting a 34 percent jump in
third-quarter profits as the largest U.S. bank made more home
But Wells Fargo & Co lost 1.8 percent to $34.55 in
premarket trading after reporting its third-quarter results.
The earnings of both banks will be scrutinized for insight
on the health of the financial sector and the economy as a
whole. Both had been forecast to benefit significantly from a
home loan refinancing boom.
"The banks are a huge part of what is going on - they have
been trading below tangible book value, which means people don't
believe what is on their books, so any time we get information
on them, that could be a driver for the market," said Kim
Forrest, senior equity research analyst, Fort Pitt Capital Group
"So people are going to be analyzing the results from JP
Morgan and trying to figure out if things in the economy are
getting better or staying the same."
The benchmark S&P index has shed 1.9 percent so far this
week, putting it on track for its worse weekly performance since
a 3-percent drop in the week through June 3.
Weak global demand has heightened investor worry over the
corporate earnings season. As a group, S&P 500 companies'
third-quarter earnings are expected to fall 3 percent from a
year ago, according to Thomson Reuters data, marking the first
decline in three years.
Economic data is due, in the form of the September producer
price index at 8:30 a.m. EDT (1230 GMT) and the Thomson
Reuters/University of Michigan Surveys of Consumers preliminary
consumer sentiment index for October at 9:55 a.m. (1355 ET).
Producer prices are expected to show a 0.7 percent rise
compared with a 1.7 percent rise in August. Economists in a
Reuters survey expect a consumer sentiment reading of 78.0
compared with 78.3 in the final September report.
Investors will eye the PPI data for any signs of inflation
while consumer sentiment will be monitored for indications
recent labor market data helped boost views on the economy.
S&P 500 futures rose 3.7 points and were above fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures gained 24
points, and Nasdaq 100 futures added 3.5 points.
Advanced Micro Devices Inc dropped 8.1 percent to
$2.94 in premarket trading after the chipmaker said its
third-quarter revenue likely fell 10 percent from the previous
quarter as a weak global economy and a growing preference for
tablets slams the PC industry.
European shares fell and looked set to end the week in
negative territory but analysts said the market was not likely
to witness a sharp sell-off.
Asian stocks steadied, but were on course for a losing week
as worries about weak corporate earnings and slowing global
economic growth limit the appeal of riskier assets.