* Futures up: Dow 119 pts, S&P 13.75 pts, Nasdaq 23.75 pts
By Abhiram Nandakumar
Jan 29 (Reuters) - U.S. stock index futures were higher on Friday after the Bank of Japan unexpectedly cut a benchmark interest rate below zero, and ahead of data on U.S. economic growth in the fourth quarter.
* U.S. gross domestic product likely rose 0.8 percent last quarter, well below the 2 percent growth registered in the third quarter, as a strong dollar and tepid global demand hurt exports.
* The report, due at 8:30 a.m. ET (1330 GMT), may set off another bout of selling on the stock market as investors, already worried about weak global growth, flee to less risky assets.
* Nevertheless, investors around the world cheered what was the BOJ's boldest move yet to spur its economy, driving stocks and the dollar higher.
* U.S. stocks closed higher on Thursday, boosted by a rally in tech stocks led by Facebook and a surge in oil prices.
* Crude prices held steady near $34 per barrel on Friday on hopes of top producers agreeing to cut production.
* Corporate earnings continue to be in focus, with industry heavyweights Chevron and MasterCard among those scheduled to report before the bell. Chevron's shares were up 1 percent, while Mastercard rose about 2 percent premarket.
* Shares of Amazon were down 10.7 percent at $567.58 premarket, after the company's quarterly profit fell way below expectations.
* Microsoft was up 4.3 percent at $54.28 on the tech giant's better-than-expected results.
* Xerox jumped nearly 5 percent to $9.68 after announcing a deal with Carl Icahn to split the company into two.
* American Airlines was up 4.9 percent and drugmaker Abbvie rose 3.6 percent ahead of their results.
Futures snapshot at 6:59 a.m. ET:
* Dow e-minis were up 119 points, or 0.75 percent, with 62,011 contracts changing hands.
* S&P 500 e-minis were up 13.75 points, or 0.73 percent, with 359,567 contracts traded.
* Nasdaq 100 e-minis were up 23.75 points, or 0.57 percent, on volume of 63,818 contracts. (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Anil D'Silva)