* JPMorgan falls after results, Wells Fargo due
* PPI, UMich data on tap
* Gap shares fall after March sales
* Futures off: Dow 80 pts, S&P 10.25 pts, Nasdaq 28.25 pts
By Chuck Mikolajczak
NEW YORK, April 11 (Reuters) - U.S. stock index futures fell on Friday after earnings from JP Morgan Chase, putting the S&P 500 on track to continue its decline after suffering its biggest drop in two months.
* JPMorgan Chase & Co shares fell 2.7 percent to $55.87 in premarket after it reported a far weaker-than-expected quarterly profit as revenue from securities trading fell.
* Also due on Friday are earnings from Wells Fargo & Co .
* S&P 500 companies’ first-quarter earnings are projected to have increased just 1 percent from a year ago, Thomson Reuters data showed. The forecast is down sharply from the start of the year, when profit growth was estimated at 6.5 percent. Investors will be looking at the impact of harsh winter weather on first-quarter earnings, and signs of optimism for the second-quarter.
* Another sharp selloff in biotech and momentum names on Thursday sent the Nasdaq to its worst decline since Nov. 9, 2011 and the benchmark S&P index to its biggest fall since Feb 3.
* Equities have been volatile this week, with Thursday’s move a sharp reversal from gains on Wednesday after minutes from the latest Federal Reserve policymakers’ meeting suggested members were more likely to keep rates low than previously expected. The CBOE Volatility index is up nearly 14 percent for the week, closing at its highest level since March 14 on Thursday.
* S&P 500 e-mini futures were down 10.25 points and 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 lost 80 points and Nasdaq 100 futures declined 28.25 points.
* For the week, the Dow is down 1.5 percent, the S&P is down 1.7 percent and the Nasdaq is down 1.8 percent.
* At 8:30 a.m. (1230 GMT), investors will eye the producer price index for March. Expectations call for a gain of 0.1 percent versus the 0.1 decline in the prior month.
* At 9:55 a.m. (1355 GM), the preliminary Thomson Reuters/University of Michigan index of consumer sentiment for March is due. Estimates call for a reading of 81 versus the 80 in the prior month.
* Gap Inc lost 4.6 percent to $37.48 before the opening bell after the retailer posted its March sales results.
* Zynga Inc rose 1 percent to $4.11 in premarket trade after the company appointed former Best Buy executive David Lee its chief financial officer.
* European shares slid on Friday to leave them set for their first weekly loss in a month, tracking declines in Asia as Japanese shares staggered to six-month lows in the wake of Wall Street’s sell off.
* Japanese shares staggered to six-month lows as an escalating selloff on Wall Street spread to Asia and hit markets that had been fairly resilient up to now. (Reporting by Chuck Mikolajczak; Editing by Nick Zieminski)