Stock futures lower after JPMorgan results

U.S. stock index futures pointed to a lower open on Friday as disappointing results from JPMorgan Chase & Co pressured banking stocks.

JPMorgan , the second-largest U.S. bank by assets, posted revenue that fell short of Wall Street's forecast, raising concerns about the industry and pulling lower shares of rivals Bank of America Corp and Wells Fargo & Co.

But futures briefly trimmed losses after U.S. Labor Department data showed consumer prices rose at a slower-than-expected pace in December, pointing to subdued inflation.

The data is a bit better than expected on the broad-based number, and the core is more or less in line with estimates, said Steve Goldman, market strategist at Weeden & Co in Greenwich, Connecticut.

S&P 500 futures fell 4.7 points and were below 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 fell 29 points, and Nasdaq 100 futures lost 4 points.

JPMorgan shares, part of the Dow industrials index, fell 0.8 percent to $44.34 in premarket trading and Bank of America shed 1.2 percent to $16.62. Wells Fargo was down 0.9 percent to $28.72 before the bell.

JPMorgan is the bellwether, (and) you would hope they'd be the first bank to be able to begin the process of paring down loan loss reserves, said Jamie Cox, managing partner at Harris Financial Group in Colonial Heights, Virginia.

Intel Corp , another Dow component and the world's largest chipmaker, posted fourth-quarter results that beat Wall Street forecasts after the bell on Thursday, and gave a bullish margin outlook on higher prices and firm demand for server chips.

The U.S. dollar <.DXY> extended gains on Friday, up 0.7 percent against a basket of rival currencies, while oil fell 0.8 percent, dipping below $79 a barrel.

A separate government report showed manufacturing growth in New York State accelerated more rapidly than expected in January, and employment also improved.

The Reuters/University of Michigan Surveys of Consumers preliminary January consumer sentiment index is due at 9:55 a.m. (1455 GMT). Economists forecast the index rose to 73.9 from 72.5 in December.

(Additional reporting by Ryan Vlastelica; Editing by Padraic Cassidy)