Futures flat ahead of key data; JPMorgan kicks off earnings

U.S. stock index futures were little changed on Friday as investors awaited key data for a reading on the health of the economy while JPMorgan kicked off second-quarter earnings. 

* Analysts estimate second-quarter earnings for S&P 500 companies rose 7.8 percent from a year earlier, with financials projected to have had the third-best profit growth among sectors, according to Thomson Reuters I/B/E/S. 

* Shares of JPMorgan (JPM.N) edged up 0.4 percent in premarket trading after the biggest U.S. bank by assets, reported a 13.4 percent increase in quarterly profit. 

* Citigroup (C.N) and Wells Fargo (WFC.N) are due to report later in the morning. Bank of America (BAC.N), Goldman Sachs (GS.N) and Morgan Stanley (MS.N) report results next week. 

* Over the last seven trading days, investors have more than doubled the amount of cash invested in a key financial sector fund, betting that bank earnings will be strong. 

* Earnings will be closely watched to see if high valuations are justified in the face of tepid inflation and a recent patch of mixed economic data. 

* The S&P 500 has been trading at about 18 times earnings estimates for the next 12 months, compared with the long-term average of 15 times. 

* The U.S. Labor Department will issue its Consumer Price Index (CPI) for June that is expected to rise 1.7 percent annually, but lower than 1.9 percent increase reported in May. The data is expected at 8:30 a.m. ET (1230 GMT).