At 6:40 a.m. ET, futures tied to the broad S&P 500 index rose 0.66%, while blue-chip Dow futures jumped 0.44%. Tech-heavy Nasdaq futures gained 0.91%.

Stock futures were bouncing back early Friday after retreating enough on Thursday to push the S&P 500 into a correction. A correction is when the index falls 10% from its most recent peak and is seen as an important marker for traders.

The S&P 500 sank into correction territory on Thursday - 10% below its recent high in mid-December. Reuters' Elena Casas explains what that means for the market.