Stock futures are little changed with S&P 500 on track for winning week

Stock futures were little changed as the S&P 500 tried to snap a seven-week losing streak.

The futures on the Industrial Average fell. The S&P 500 futures were flat.

Corporate earnings continued after the market closed. After better-than-expected quarterly results, shares of Ulta Beauty rallied more than 6%, while Gap sank more than 10%.

After the regular session, stocks gained. The blue chip index rose for a fifth-straight day, adding more than 500 points. The S&P 500 rose 2% and the Nasdaq rose 2.5%.

Strong earnings from the retail sector boosted market sentiment Thursday. Dollar General, Williams-Sonoma, and Macy's were some of the leaders.

The three indexes are on track to close the week higher. The S&P 500 is 4% higher and the Nasdaq is up 3.4% on the week.

The S&P 500 briefly dipped more than 20% below its record last week, but the averages are still off their highs.

The S&P 500 is off by 15.8% and the Dow is off by 11.7% after Thursday's close.

There is a good chance for more strength here. Troy Gayeski, chief market strategist for FS Investments, told CNBC that this is a classic bear market rally or bounce off the bottom.

Personal income, consumer spending and core personal consumption expenditures will be released on Friday.