Futures Off As Spain Yields Rise, China Disappoints

(REUTERS) -- Stock index futures fell on Friday as concerns over Spain's rising borrowing costs resurfaced and after Chinese data that had fueled the previous day's rally disappointed.

* U.S. investors are also eyeing earnings from top tier banks JPMorgan and Wells Fargo, expected before the opening bell.

* Copper and oil tripped after data showed China's economy grew at its slowest pace in nearly three years, but losses were capped by hopes the soft data was a sign Beijing could ease monetary policy further to support the economy.

* The Spanish benchmark government bond yield jumped above 5.9 percent after data showed Spanish banks borrowed heavily from the European Central Bank in March, reviving concerns over the country's finances.

* The S&P 500 added more than 2 percent in the two previous sessions as immediate concerns over rising yields in Spain and Italy ebbed and on bets the Chinese GDP data would surprise on the upside.

* S&P 500 futures fell 4.5 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 46 points, and Nasdaq 100 futures lost 10.75 points.

* Investors awaited the March Consumer Price Index, due at 8:30 a.m. EDT (1230 GMT), as well as the Thomson Reuters/University of Michigan Surveys' preliminary April consumer sentiment index at 9:55 a.m. (1355 GMT). Economists in a Reuters survey expect a reading of 76.2, a repeat of the final March reading.

* Google will be in focus a day after it exceeded Wall Street's profit expectations and announced a stock split designed to preserve the control of co-founders Larry Page and Sergey Brin.

* On Thursday, the Dow Jones industrial average <.DJI> jumped 181.19 points, or 1.41 percent, to end at 12,986.58. The S&P 500 Index <.SPX> gained 18.86 points, or 1.38 percent, to 1,387.57. The Nasdaq Composite <.IXIC> climbed 39.09 points, or 1.30 percent, to 3,055.55.

(Reporting by Rodrigo Campos; Editing by Catherine Evans)