Futures mixed after GDP miss; energy stocks weigh

U.S. stock index futures pointed to a mostly lower open Friday amid earnings and after the advance read on second-quarter GDP came in well below expectations.

Chevron (CVX) fell more than 1 percent in pre-market trade after reporting a diluted earnings loss of 78 cents a share for the second quarter, versus profit of 30 cents a share in the same quarter last year. On an adjusted basis, the firm posted earnings of 35 cents a share versus expectations of 32 cents.

Exxon Mobil (XOM) was off nearly 3 percent in pre-market trade after posting earnings that badly missed expectations.

Nasdaq 100 futures held higher, helped by pre-market gains in shares of Amazon.com (AMZN) and Alphabet (GOOGL). Both firms reported earnings after the close Thursday that beat on both the top and bottom line.

The advance read on second-quarter GDP showed a 1.2 percent annualized growth rate, well below expectations for 2.6 percent. Consumer spending, which accounted for most of the GDP rebound in the second quarter, increased at a 4.2 percent rate, the fastest since the fourth quarter of 2014, Reuters said. Consumer spending accounts for more than two-thirds of U.S. economic activity,

First-quarter GDP was revised lower to 0.8 percent from 1.1 percent. On Thursday, the Atlanta Federal Reserve sent a shudder through markets when it came out with a new 1.8 percent forecast for the second quarter, off from 2.3 percent the day before.

Treasury yields edged off session highs, with the 2-year yield around 0.70 percent and the 10-year yield near 1.50 percent. The U.S. dollar index extended losses to trade about 0.9 percent lower, with the euro around $1.115 and the yen near 102.9 yen versus the greenback as of 8:58 a.m. ET. Sterling was around $1.322.

In other economic news, the employment cost index rose 0.6 percent, on a seasonally adjusted basis, for the three-month period ending June 2016.

Chicago PMI due at 9:45 a.m. Consumer sentiment is set to come out at 10:00 a.m.

Other earnings reports included United Parcel Service, which posted earnings in-line with expectations, on revenue that beat. Xerox (XRX) posted earnings that topped estimates, on revenue in-line with forecasts.

In Europe, the pan European Stoxx 600 Index (^STOXX) was up by around 0.58 percent on Friday morning.

In Asia, Japan's Nikkei (Nihon Keizai Shinbun: .N225) closed 0.56 percent higher on Friday while in China, the Shanghai Composite (Shanghai Stock Exchange: .SSEC) closed 0.50 percent lower.

In oil markets, Brent crude traded at around $42.30 a barrel on Friday morning, down 0.94 percent, while U.S. crude was at around $40.81, down 0.80 percent.

On Friday, the Bank of Japan (BOJ) pledged to increase purchases of exchange-traded funds (ETF) but kept interest rates steady at the close of its two-day meeting on Friday, confounding market expectations of hefty stimulus.

CNBC's Patti Domm contributed to this report

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