Stock index futures indicated that Wall Street may open higher on Friday, regaining a little of the ground lost in the previous session, when they fell heavily after President Barack Obama outlined plans for tougher banking regulations.

At 4:14 a.m. EST, futures for the Dow Jones, S&P 500 and Nasdaq were up between 0.2 and 0.3 percent.

The FTSEurofirst 300 index of leading European shares was down 0.2 percent at 1,033.82 points. Banks have extended losses from the previous session, but telecoms were higher.

Before the market opens, General Electric is likely to report its eighth straight quarter of profit decline. Investors will be looking for evidence that the largest U.S. conglomerate is stabilizing its hefty finance unit.

McDonald's will show how well it is coping with declining sales at its U.S. restaurants when it reports quarterly earnings. The world's largest fast-food chain has been reporting monthly samestore sales declines as U.S. unemployment rate remains around 10 percent and competitors like Burger King and Taco Bell cut prices to draw traffic.

Other companies reporting include oil services firm Schlumberger.

The House Financial Services Committee is holding a hearing to discuss compensation for top executives in the financial industry.

U.S. stocks suffered their worst one-day percentage drop since October on Thursday as U.S. President Barack Obama proposed tough restrictions on banks that would squeeze profits.

The Dow Jones industrial average fell 21 percent; the Standard & Poor's 500 Index fell 1.9 percent; the Nasdaq Composite Index fell 1.1 percent.

Major banks slid, with Goldman Sachs falling 4.1 percent despite posting stronger-than-expected fourth-quarter results, and JPMorgan Chase & Co shed 6.6 percent, after Obama proposed limiting how banks invest their own money.

Google shares fell 4 percent in after-hours trading. The Internet giant posted a higher-than-expected profit but its revenue growth lagged some of Wall Street's most bullish expectations -- even though it was Google's strongest performance in a year.

Advanced Micro Devices shares fell 2.7 percent in after-hours trade while Intuitive Surgical rose 6.1 percent, after the companies posted quarterly results.

U.S. chocolate maker Hershey Co has decided not to launch a counterbid for British confectioner Cadbury following a unanimous vote by its board late on Wednesday, the Financial Times said, citing a person briefed on the matter.

(Reporting by Brian Gorman; Editing by Jon Loades-Carter)