* China GDP within expectations
* JPMorgan posts $4.4 bln trading loss; to restate Q1
* Futures up: Dow 42 pts, S&P 3.3 pts, Nasdaq 7.25 pts
By Chuck Mikolajczak
NEW YORK, July 13 (Reuters) - U.S. stocks were set for a higher open on Friday, which would put the S&P 500 on track to snap its longest losing streak since May, after data in China allayed concerns a slowdown in the economic giant could further hinder growth worldwide.
Futures trimmed some gains after JPMorgan Chase & Co reported $4.4 billion of credit trading losses in its London offices, but the bank posted an overall profit that was barely dented by the trades.
Data showed growth in China slowed for a sixth straight quarter to 7.6 percent, better than some in the market feared, but low enough to keep open the possibility that more action may be taken by policymakers.
"China pretty much came in line with expectations, and that could have been a very big miss which could have been catastrophic for the market. JPMorgan, even with their adjustments, came in above expectations -- that could have been a big negative," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.
"Seeing that everything came in line or better than expectations takes some of the pressure that has been on this market for the past couple of days off."
The benchmark S&P index has dropped for six consecutive sessions and is down 2 percent for the week on concerns slowing global growth could dent corporate profits.
JPMorgan, the biggest U.S. bank by assets, said it would restate its previously filed interim financial statement for the first quarter. Shares advanced 1.1 percent to $34.40 in volatile premarket trading.
Another bank, Wells Fargo & Co, was flat at $32.85 in premarket trading after the biggest U.S. mortgage lender reported second-quarter earnings that topped estimates, although revenue fell just short of expectations.
S&P 500 futures rose 3.3 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 42 points, and Nasdaq 100 futures added 7.25 points.
Labor Department data showed U.S. producer prices unexpectedly rose in June to 0.1 percent against expectations calling for a decline of 0.5 percent.
The Thomson Reuters/University of Michigan Surveys of Consumers preliminary July consumer sentiment index is set to be released later in the session at 9:55 a.m. (1355 GMT). Consumer sentiment is expected to show a reading of 73.4 against the 73.2 in the final June report.
European concerns were kept at bay as Italy passed a tough test -- its three-year borrowing costs fell well below 5 percent at an auction hours after Moody's cut the country's rating to two notches above junk status. The FTSEurofirst 300 rose 0.6 percent.