Wall Street was set for a lower open on Friday after General Electric Co a 42 percent drop in quarterly earnings and Bank of America Corp posted a quarterly loss before the open.

S&P 500 futures fell 2.90 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 were down 34 points, and Nasdaq futures fell 4 points.

(Reporting by Edward Krudy, editing by Jeffrey Benkoe)