U.S. stock index futures fell on Friday and were on track to extend the week's losses after JPMorgan Chase & Co revealed a shocking trading loss of at least $2 billion from a failed hedging strategy. The news sent shares of the Dow component down 7.2 percent to $37.80 in premarket trading, and is the latest hurdle for a

sector already besieged by the sovereign debt crisis in Europe and fears of slowing growth globally. While other gains partially offset the trading loss, JPMorgan Chase estimates the business unit with the portfolio will lose $800 million in the current quarter, excluding private equity results and litigation expenses. The bank had previously expected the unit to earn a profit of about $200 million.

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