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Futures Dip, Stocks Lower for the Week

U.S. stock index futures turned lower Friday, following a sharp rally in the previous session that propelled all three major averages by more than 1 percent each, but concerns remained over whether central banks will pare back their stimulus programs.

While the data lifted market confidence in the U.S. economy's ability to withstand a tapering off in Federal Reserve bond purchases, sentiment remained tense ahead of next week's Fed policy meeting.

(Read More: Why the Fed Will Try to Calm Market Nerves)

Japan's Nikkei rose by as much as 3 percent on Friday, after the Japanese government gave the green light to measures to boost economic growth and Finance Minister Taro Aso played down recent declines in stock prices.

However, currency moves remained a concern on Friday, with the dollar-yen moving in-and-out of the 95-handle in choppy trade, but still remaining off Thursday's 10-week trough of 93.75.

On the economic front, producer prices rose more than expected in May as gasoline prices rebounded, with the producer price index gaining 0.5 percent. Economists surveyed by Reuters expected a gain of 0.1 percent.

Industrial production was unchanged in May, according to the Federal Reserve, missing expectations for a gain of 0.2 percent.

Current account deficit widened in the first quarter to $106.1 billion, according to the Commerce Department, falling from a downwardly revised $102.3 billion in the fourth quarter. Economists polled by Reuters expected a reading of $109.7 billion.

Also due is the University of Michigan's consumer sentiment index for June, which economists polled by Reuters see remaining flat at 84.5, the highest level since 2007.

President Barack Obama is considering establishing a no-fly zone over Syria, according to a Reuters report, after the White House said it had proof the Syrian government had used chemical weapons against opposition forces. The White House has also authorized sending U.S. weapons to the rebels.

(Read More: US to Increase Military Support to Syria Rebels)

Smith & Wesson rallied after the firearms manufacturer lifted its outlook for the fourth quarter and authorized a $100 million share repurchase program.

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