Stock index futures pointed to a higher open on Wall Street on Friday ahead of another round of key economic data, putting the S&P 500 on pace for its third straight monthly gain, its longest streak since late 2007.

The U.S. Commerce Department is due to release its preliminary (second) first-quarter estimate of Gross Domestic Product at 8:30 a.m.. Economists in a Reuters survey forecast a 5.5 percent annualized decline compared with a 6.1 percent decline in the advance estimates.

The department is also scheduled to release preliminary Q1 corporate profits.

Other economic data for Friday includes the May index of manufacturing activity from the Institute of Supply Management Chicago due for release 9:45 a.m. and the Reuters/University of Michigan Surveys of Consumers final May consumer sentiment index set to be released at 9:55 a.m.

Certainly the current data here is not all that encouraging, but the parts that are encouraging is more the consumer view of the market more than the actual fundamentals, said Rick Meckler, president of LibertyView Capital Management, in New York.

If investors could see some numbers that appear to really establish a recovery pattern the markets could start to set some new recent highs.

S&P 500 futures rose 6.20 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones Industrial Average futures added 66 points, while Nasdaq 100 futures gained 14.75 points.

As General Motors hurtles toward bankruptcy, the Obama administration estimates that a it would take at least 60 to 90 days and perhaps longer to complete, a senior official said on Thursday.

The automakers shares rose 3.6 percent to $1.16 in premarket trade.

Analysts have been concerned about the far-reaching implications a GM bankruptcy could have on the auto industry and the global economy.

Auto parts supplier Delphi Corp may soon emerge from bankruptcy with the Obama administration's autos industry taskforce pushing for a sale of its assets, possibly to another parts supplier or an investment firm, the New York Times said, citing people briefed on the matter.

European shares advanced early on Friday, with gains virtually across all sectors, after U.S. stocks climbed overnight and Asian markets followed suit ahead of U.S. data later in the session.

As earnings season draws to a close, Dell Inc , the world's No. 2 PC maker, narrowly topped analysts' expectations for sharply reduced profit late Thursday but did not give a detailed financial outlook. Shares rose 1.1 percent to $11.60 in premarket trade.

Also on the earnings front, the upscale jeweler Tiffany & Co shed 0.3 percent to $28.05 in premarket trade after it posted a 62 percent drop in quarterly profit on Friday, but earnings matched analysts' estimates.

Through Thursday, 98 percent of S&P 500 companies had reported earnings, with 65 percent topping analysts' estimates.

On Thursday U.S. stocks climbed, with the Dow Jones industrial average <.DJI> up 1.25 percent and the S&P 500 <.SPX> rising 1.5 percent, as higher oil prices drove up energy shares and falling yields in the bond market eased concerns that higher borrowing costs would hinder economic recovery.

Since hitting a 12-year low in early March, the Dow has gained more than 28 percent and the S&P 500 has risen 34 percent.