* GDP, Univ. of Michigan sentiment data on tap
* Chevron to report results
* Futures up: Dow 33 pts, S&P 2.7 pts, Nasdaq 2.5 pts
* For up-to-the-minute market news, click [STXNEWS/US]
By Ryan Vlastelica
NEW YORK, Jan 29 (Reuters) - U.S. stock index futures were higher on Friday after strong results from Microsoft and Amazon and after Ben Bernanke won Senate approval for a second term as Federal Reserve chairman.
* Investors awaited the government’s first estimate on fourth-quarter gross domestic product, which is expected to show the U.S. economy grew at its fastest pace in nearly four years, as businesses made less aggressive cutbacks on inventories. The data is due at 8:30 a.m. EST (1330 GMT).
* Chicago PMI data and the Reuters/University of Michigan Surveys of Consumers final consumer sentiment read, both for January, are also due.
* The U.S. Senate voted for Bernanke for another four-year term on Thursday despite misgivings over what some saw as policy missteps, which cast uncertainty over equities. For details, see [ID:nN27143856]
* Technology stocks will be in focus one day after Microsoft Corp (MSFT.O) and Amazon.com Inc (AMZN.O) reported quarterly results that beat expectations. Microsoft, a Dow component, expects business technology spending to recover in 2010, while Amazon forecast strong 2010 revenue. [ID:nN27150165] and [ID:nN19226206]
* S&P 500 SPc1 futures rose 2.7 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration of the contract. Dow Jones industrial average DJc1 futures gained 33 points, and Nasdaq 100 NDc1 futures added 2.5 points.
* Mattel Inc (MAT.O) posted higher profit in its holiday quarter, topping estimates, mainly on strong demand for its Fashionista Barbie dolls and Hot Wheels cars. [ID:nN29109663]
* Fast food giant McDonald’s Corp (MCD.N) expects to boost capital investment in China by about one-quarter this year to tap growth in the world’s third-largest economy, its China chief executive said. [ID:nTOE60P05U]
* In overseas trading, Japan’s Nikkei average .N225 fell 2.1 percent to a six-week closing low on Friday, while European stocks rose broadly in morning trade.
* The euro hit a nine-month low against the yen and a six-month low versus the dollar Friday, as concerns intensified about Greece’s fiscal situation, while the Japanese currency rose broadly.
* U.S. stocks dropped on Thursday, as poor outlooks from Motorola Inc MOT.N and Qualcomm Inc (QCOM.O) dented optimism in the technology sector (Editing by Jeffrey Benkoe)