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Futures mildly higher; Yellen, data eyed

CNBC.com staff
Spencer Platt | Getty Images. U.S. stock index futures pointed to a mixed open on Tuesday morning as traders awaited a Federal Reserve meeting for further clues on monetary policy.

U.S. stock index futures indicated a narrowly higher open on Friday morning as traders eyed data and awaited comments from Fed Chair Janet Yellen ahead of the Memorial Day weekend.

A second reading of first-quarter GDP showed 0.8 percent , slightly below expectations but up mildly from the advance read.

Consumer sentiment will be released at 10:00 a.m. The Treasury cash market closes at 2 p.m. ET for the long weekend.

Traders will also be monitoring comments from Federal Reserve Chair Janet Yellen , who is due to speak at Harvard University on Friday afternoon to receive the Radcliffe Medal. Yellen will be questioned by Harvard professor and economist Gregory Mankiw at 1:15 p.m. ET.

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As of Thursday's close, the Dow and S&P were tracking for weekly gains of more than 1.8 percent. The Nasdaq composite outperformed, on pace for weekly gains of more than 2.7 percent.

In Europe, the pan European Stoxx 600 Index (^STOXX) tried for mild gains in morning trade ET Friday. In Asia, Japan's Nikkei (Nihon Kenzai Shinbun: .N225) closed 0.37 percent higher, while the Shanghai Composite (Shanghai Stock Exchange: .SSEC) was mildly lower.

WTI was off about 1 percent below $49 a barrel after topping $50 intraday Thursday.

Treasury yields were mostly lower, with the 2-year yield around 0.87 percent and the 10-year yield near 1.83 percent as of 8:32 a.m. ET.

The U.S. dollar index traded mildly higher, with the euro near $1.117 and the yen around 109.6 yen against the greenback.

Read More Early movers: BIG, VRX, GOOGL, ULTA, FEIC, GME, DECK, VZ, PANW & more

On the earnings front, JA Solar (JASO) is set to report before the bell.

--CNBC's Patti Domm contributed to this report



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