Stocks headed for early bounce

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NEW YORK (CNNMoney) -- U.S. stocks were headed for a bounce Friday, as investors welcomed strong earnings from Google and geared up for an onslaught of fresh economic data.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were up slightly ahead of the opening bell. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.

Stocks ended mixed on Thursday, as investors turned cautious following lackluster earnings from JPMorgan Chase (JPM, Fortune 500).

Better news came after the bell though, as Google (GOOG, Fortune 500) reported a stronger-than-expected third-quarter profit. Google shares jumped more than 6% in premarket trading.

Investors still remain firmly focused on Europe's debt crisis, and overnight Standard & Poor's downgraded Spain's credit rating once again on weak growth and banking sector risks.

Financial stocks have been a big driver of the broader market. Early Thursday, shares of Goldman Sachs (GS, Fortune 500), Morgan Stanley (MS, Fortune 500), and Credit Suisse (CS), which were all included on the list, were barely changed, and Bank of America (BAC, Fortune 500) rose 0.8% in premarket trading.

Also on Friday, finance ministers from the Group of 20 economies are scheduled to start a two-day meeting in Paris to discuss Europe's debt crisis.

Companies: Apple is launching the iPhone 4S around the world today. Apple shares are up 2.1% in premarket trading. For the first time, Sprint (S, Fortune 500) will join AT&T (T, Fortune 500) and Verizon (VZ, Fortune 500) as an iPhone carrier. Sprint shares

Before the opening bell, Mattel (MAT, Fortune 500) reported strong sales of Barbie dolls, which helped drive its revenue higher than expected in the third quarter. Shares edged higher in premarket trade.

Economy: Early Friday, the Commerce Department reported retail sales rose 1.1% in September, an improvement after sales rose only 0.3% the month before. The data beat economists' expectations of a 0.6% increase.

The Bureau of Labor Statistics reported export prices rose 0.4%, and import prices rose 0.3% in September.

Later in the morning, investors will also watch for the latest University of Michigan Consumer Sentiment Index and data on business inventories.

Because consumer spending makes up more than two thirds of the U.S. economy, these numbers are closely watched as a gauge of the recovery.

Slovakia gives OK to Europe bailout plan

World markets: On Thursday, Slovakia became the last of the 17 countries in the eurozone to approve a plan to expand the powers of a bailout fund for troubled European banks and governments.

This development pushed European stocks higher Friday morning, but investors are expected to soon shift their focus to other problems -- such as the size of losses Greek bondholders may be forced to take.

Britain's FTSE 100 (UKX) added 1%, the DAX (DAX) in Germany gained 0.7%, and France's CAC 40 (CAC40) ticked up 1%.

Asian markets closed lower following a report on Chinese inflation. The Shanghai Composite (SHCOMP) shaved 0.3%, the Hang Seng (HSI) in Hong Kong dropped 1.4% and Japan's Nikkei (N225) lost 0.9%.

Currencies and commodities: The dollar fell against the euro and British pound, but gained against the Japanese yen.

Oil for November delivery added $1.32 to $85.56 a barrel.

Gold futures for December delivery gained $7.90 to $1,676.40 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell slightly, pushing the yield up to to 2.2%.