The Chicago Purchasing Managers' Index is due at 9:45 a.m. Eastern, followed by the final reading of the University of Michigan's consumer sentiment survey for January, which should confirm the multi-year high indicated by the earlier reading.
Eli Lilly became the latest company citing foreign-exchange pressures, as it reported that its fourth-quarter earnings suffered from the impact of patent expiration of some of its key drugs.
Lilly posted earnings of $428.5 million or 40 cents a share, down from $727.5 million or 67 cents a share in the prior-year period.
Wall Street is on track to end the first month of the year with losses, as investors reassess the impact on companies from the decline in energy costs, a stronger U.S. dollar and a weaker global economy.
European markets were mixed on Friday after official statistics showed the euro zone slid further into deflation in January.