NEW YORK, April 12 (Reuters) - U.S. stock index futures fell
on Friday, a day after Wall Street scaled new heights, as
investors awaited a round of economic data and quarterly results
from major banks.
* The Dow and benchmark S&P 500 closed at fresh highs on
Thursday, extending this year's rally to a 13.4 percent gain for
the Dow and 11.7 percent for the broader S&P.
* The earnings season that got underway this week is being
viewed as a test for whether the market can continue its upward
* Earnings are expected to grow at a modest 1.2 percent rate
in the first quarter, down from forecasts of over 4 percent as
recently as January, according to Thomson Reuters data.
* JP Morgan Chase reported first-quarter results
early on Friday, and its stock was off 0.7 percent to $48.92 in
premarket trading shortly after the results.
* Wells Fargo will release results later in the
* S&P 500 futures fell 3.5 points and were below 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 were down
38 points, and Nasdaq 100 futures lost 6.75 points.
* A report on retail sales, due at 8:30 am EDT (1230 GMT) is
expected to show sales flattened in March after a strong
February. Consumer spending accounts for about two-thirds of
* Other reports on tap include producer prices, consumer
sentiment and business inventories.
* Investors have been rattled by indications the economy is
cooling, particularly after last week's disappointing jobs
number, though that has not derailed the market rally so far.