One area set to keep investors on their toes is data, with personal income and outlays data due out at 8.30 a.m. ET, followed by Chicago PMI at 9.45 a.m. ET.
Consumer sentiment is slated to come out at 10.00 a.m. ET. No major earnings or bond auctions are scheduled.
Oil futures were posting strong gains in morning trade, as investor sentiment continued to be boosted by news of a decline in U.S. output. At 5.20 a.m. ET on Friday, U.S. crude was trading around $45.30, while Brent hovered around $47.78.
Aside from oil, investors are expected to keep a close eye on the moves in the tech market, where the sector fell during U.S. trade on Thursday, leading to U.S. equities ending in the red. The bond market will also be in focus, as yields continue to edge higher.