The major U.S. index futures point to a positive start on Friday, reversing the sharp declines in the previous session. The week witnessed see-sawing movement in the market and it remains to be seen if the indices can rally hard to close the week in the green.

U.S. stocks opened Thursday's session lower and fell further in early trading, as traders digested data showing jobless claims falling to a five-month low and second-quarter GDP growing in line with expectations.

The weakness was broad-based, with consumer discretionary, technology, communications and real estate stocks coming in for severe punishment.

All three major averages were trading at their lowest levels in about two years.

Here's a peek into index futures trading:

In premarket trading on Friday, the SPDR S&P 500 ETF Trust(NYSE:SPY) rose 0.76% to $365.53 and Invesco QQQ Trust(NASDAQ:QQQ) was up 0.70% at $273.78, according to Benzinga Pro data.

The Main Street calendar for the day is loaded, with several Fed speakers lined up for the day.

The spotlight is likely to be on the personal income and spending report for August, due at 8:30 a.m. EDT, given it includes in its the Federal Reserve's favorite inflation gauge, namely the personal consumption expenditure index. Traders are likely to focus on both monthly and year-over-year rates of the index.

The University of Michigan's final consumer sentiment index for August is scheduled for release at 10 a.m. EDT. The report will contain two metrics on inflation expectations. The MINI Chicago regional manufacturing index is also due around the same time.

The Fed speakers making public appearances on Friday are Cleveland Fed President and FOMC member Loretta Mester, New York Fed President and FOMC member John Williams, Fed Vice Chair Lael Brainard and Fed Board Member Michelle Bowman.

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Stocks In Focus:

• Memory chipmaker Micron Technology Inc. (NASDAQ:MU) was advancing in reaction to its quarterly results.

Nike, Inc. (NYSE:NKE) shares were sliding after it reported fiscal year first-quarter results. Sporting goods stocks such as Deckers Outdoor Corp. (NYSE:DECK), Lululemon Athletica Inc. (NASDAQ:LULU) and Under Armour, Inc. (NYSE:UA) are moving in sympathy with Nike.

Commodities, Global Equity Markets:

Crude oil futures were recovering after falling 1.12% on Thursday when they snapped a sharp two 2-session rally.

The major Asian markets ended mixed on Thursday, with the Indian market rallying after the nation's central bank raised its repo rate by 50 basis points to 5.9%.

The Singaporean and Hong Kong markets gained moderately and the Malaysian market was marginally higher. The Australian, New Zealand and Japanese markets fell sharply.

European stocks were seen moderately higher in early trading on Thursday amid the release of eurozone inflation data that spiked to a record 10% in September.