US STOCKS-Futures up as market rebounds after breaching key level
* Market may be in "relief rally" after declines
* GE revenue ticks up, but shares fall
* IBM shares down, Google up after results
* McDonald's profit up, shares off as U.S. sales drop
* Futures up: Dow 50 pts, S&P 7 pts, Nasdaq 15 pts
NEW YORK, April 19 (Reuters) - U.S. stock index futures rose on Friday, signaling the market may bounce back a day after the S&P 500 index closed below its 50-day moving average for the first time this year.
The market has weakened on recent economic data, and the S&P 500, down 3 percent over the past four sessions, is on track to post its worst week this year. A fall in commodity prices has further pressured stocks.
The S&P 500's close below the 50-day moving average on Thursday indicates the medium-term uptrend in the market could be in peril. The last time the index closed consecutive days under its 50-day average came in early December.
The market's rebound follows a series of declines, according to Jack De Gan, chief investment officer at Harbor Advisory Corp in Portsmouth, New Hampshire.
"It's a relief rally after the last couple of days," he said.
General Electric shares fell 3.4 percent in premarket trading after the conglomerate reported a quarterly profit in line with expectations as GE sold more jet engines and shed its stake in NBC Universal.
S&P 500 futures rose 7 points and were above 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 rose 50 points, and Nasdaq 100 futures added 15 points.
McDonald's Corp shares fell 1.4 percent in trading before the open after it reported a slight rise in first-quarter profit and said sales at established U.S. restaurants fell 1.2 percent.
Google's core Internet business increased net revenue 23 percent in the first quarter, softening the effect of a sharp decline in its Motorola mobile phone division. Its shares were up 1.5 percent in premarket trading.
International Business Machines Corp posted quarterly earnings that missed estimates due to the depreciation of the Japanese yen and a failure to close major deals, especially in Europe and the United States. The stock, down 4.4 percent in premarket trading, is expected to weigh on the Dow industrials.
Vertex Pharmaceuticals said Thursday its experimental drug improved lung function in adults with cystic fibrosis in a midstage trial. Its shares were up 62 percent in premarket trading.