U.S. stock futures are bucking a sell-off on global markets and banks are among the biggest gainers.
Morgan Stanley is up 3 percent as Moody's cut its credit rating by less than expected. Moody's also lowered ratings on some of the world's other big banks late Thursday. JPMorgan Chase, Goldman Sachs, Bank of America and Citigroup are rising as well.
Also on Friday, Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, and the lone dissenter to the Federal Reserve's latest economic stimulus effort, says the central bank's action will do little to foster growth and risks inflation.