* GE meets expectations, shares dip
* IBM shares down, Google up after results
* Futures up: Dow 77 pts, S&P 10 pts, Nasdaq 14 pts
NEW YORK, April 19 (Reuters) - U.S. stock index futures rose on Friday, setting the market up for a bounce back a day after the S&P 500 closed below its 50-day moving average for the first time this year.
* The market has weakened of late on economic data, and the S&P 500, down 3 percent in the last four sessions, is on track to post its worst week this year. A fall in commodity prices has further pressured stock prices lower.
* The breach of the 50-day moving average by the S&P 500 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 was in early December.
* General Electric reported a quarterly profit in line with Wall Street’s expectations as the conglomerate sold more jet engines and shed its stake in NBC Universal. Shares were down 1.2 percent in premarket trading.
* S&P 500 futures rose 10 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 77 points, and Nasdaq 100 futures added 14 points.
* Google’s core Internet business grew net revenue 23 percent in the first quarter, softening the effect of a sharp decline in its Motorola mobile phone division, and its shares were up 1.7 percent in premarket trading.
* IBM posted a quarterly earnings miss as it struggled with the depreciation of the Japanese yen and a failure to close a number of major deals, especially in Europe and the United States. The stock, down 4.5 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 57 percent in premarket trading.