Stock index futures dipped on Friday after JPMorgan Chase reported lower quarterly profit and ahead of trade and consumer sentiment data.

JPMorgan Chase & Co shares fell 3 percent to $35.75 in premarket trading after the bank said fourth-quarter profit fell as the European debt crisis weighed on trading and corporate deal-making. The Select Sector Financial SPDR exchange-traded fund dropped 1 percent.

Their results show that there are major headwinds against the banking industry and it requires a strong management team to battle the headwinds, said Rick Meckler, president of investment firm Libertyview Capital Management in New York, referring to JPMorgan Chase's earnings.

You may see some profit-taking from the banks today because they have run up so much heading into this.

An index of U.S. bank shares <.BKX> is up 10.7 percent this year.

Further pressuring equities, Italy's three-year debt costs fell, but demand failed to match the success of a Spanish sale the previous day, a reminder that Europe's debt crisis is unresolved.

Futures on the S&P 500 nonetheless held near 5-month highs after rising in all eight previous sessions of the new year.

S&P 500 futures fell 3.7 points and were slightly below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration of the contract. Dow Jones industrial average futures dropped 10 points, and Nasdaq 100 futures lost 1.5 points.

European shares were up 0.4 percent led by banking stocks. <.EU>

On the macroeconomic front, international trade figures will be released at 8:30 a.m. EST while the preliminary reading for the Reuters/University of Michigan consumer sentiment index will be released at 9:55 a.m. EST.

Economists forecast a January sentiment reading of 71.5 versus 69.9 in the final December report.

Bank of America Corp , the second-largest U.S. bank by assets, informed U.S. regulators it was willing to draw back from parts of the country if its financial problems worsen, the Wall Street Journal reported, citing sources.

US Airways Group Inc , Delta Air Lines inc and private equity firm TPG Capital are among parties interested in potential bids for AMR Corp , the bankrupt parent of American Airlines, sources told Reuters.

The S&P 500 closed at a five-month high for the third day on Thursday but had difficulty extending gains in the face of lackluster economic data.

(Reporting by Rodrigo Campos; editing by Jeffrey Benkoe)

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