Traders work on the floor of the New York Stock Exchange October
Traders work on the floor of the New York Stock Exchange October 28, 2011. REUTERS

U.S. stock index futures point to a higher opening Friday as investors are speculating announcement of stimulus measures in China to boost its economic growth.

Futures on the Dow Jones Industrial Average were up 0.30 percent, futures on the Standard & Poor's 500 index were up 0.30 percent and futures on the Nasdaq 100 index were up 0.28 percent.

Market sentiment is affected by China's economic growth data released Friday. The data released by the National Bureau of Statistics revealed that China's gross domestic product grew at 7.6 percent in the second quarter of 2012 compared to same period last year, which is the lowest in three years. Markets players hope that China will announce stimulus measures to revive the economic growth.

Investors are likely to focus on the Department of Labor's Producer Price Index, which measures the change in the price of goods sold by manufacturers. The Producer Price Index, which is a leading indicator of consumer price inflation, is expected to fall 0.5 percent in June after a 1 percent decline in May.

The University of Michigan will report Friday the Consumer Sentiment Index, which rates the relative level of current and future economic conditions. It is expected to rise to 73.5 in July, up from 73.2 in June.

On Thursday, the U.S. markets fell as investors continued to have worries about company results to be affected by the faltering global economic situation. The lack of bold moves by the central banks globally is also adding to the concern of market participants.

The Dow Jones industrial average fell 0.25 percent, the S&P 500 Index dropped 0.50 percent and the Nasdaq Composite Index declined 0.75 percent.

Major European indices rose as investors remained hopeful for monetary easing measures in China. London's FTSE 100 was up 23.35 points, Germany's DAX 30 index rose 18.21 points and France's CAC 40 advanced 7.11 points.

Asian markets also rose Friday as market players were relieved to know that China's economic growth did not go below expectation.