Stock futures inch up as investors eye stimulus

NEW YORK (Reuters) - Stock index futures edged higher on Friday at the end of a volatile week that has reinvigorated hopes that both the Federal Reserve and the European Central Bank will act next week to shore up flagging economies and stabilize the euro zone.

Stocks leapt nearly 2 percent in the last session, erasing most of their losses for the week, as ECB chief Mario Draghi said he would do whatever it takes to save the euro. That followed a story in the Wall Street Journal Wednesday which was widely seen as heralding a new round of stimulus from the Fed.

The Commerce Department releases its first estimate for second-quarter gross domestic product (GDP) at 8:30 a.m. EDT (1230 GMT), expected to show the economy expanded at a 1.5 percent annual rate between April and June, down from 1.9 percent in the first three months of the year. A miss there could reinforce expectation of Fed action.

S&P 500 futures rose 2.9 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration of the contract. Dow Jones industrial average futures added 5 points, and Nasdaq 100 futures gained 4.75 points.

Hopes of more stimulus have helped offset a mixed U.S. corporate earnings season, with many companies beating profit forecasts but often missing revenue projections and warning about sluggish global growth.

So far, about half of S&P 500 companies have reported earnings. Of those, about two thirds have beat profit forecasts. Three in five of the companies, however, have missed Wall Street's revenue projection, according to Thomson Reuters data.

Facebook Inc reported a drastic slowdown in revenue growth on Thursday and failed to offer financial forecasts to quell fears about its ability to boost advertising growth, sending its shares plummeting to a record low. The stock was down 9.5 percent at $24.30 in premarket trade.

Starbucks Corp cut its outlook for the current quarter, citing global economic weakness and a recent slowdown in visits in the United States, its biggest market for sales and profits, sending shares tumbling more than 11 percent premarket.

European shares offered support with a second consecutive rise due to renewed hopes of more stimulus from global policymakers. The FTSEurofirst 300 index <.FTEU3> was up 0.3 percent Friday, after surging 2.4 percent on Thursday.

Thomson Reuters/University of Michigan Surveys of Consumers at 9:55 a.m. EDT (1355 GMT) is expected by economists to show a reading of 72.0 on its index of consumer sentiment, in line with a preliminary figure.

Merck , whose sales disappointed in the prior period, is expected to report moderate earnings gains in the second quarter, helped by growing demand for its Januvia diabetes drugs. Other major companies announcing results include Chevron and Legg Mason .

Amazon.com shares were also down 0.5 percent after the close following the release of its results. The online retailer forecast third-quarter revenue that lagged Wall Street's projections.

(Reporting by Edward Krudy; Editing by Bernadette Baum)