U.S. Treasury yields also extended gains, with the 10-year hitting 2.078 percent on Friday.
On the data front, the week draws to a close with a number of top-tier releases. On the back of disappointing first-quarter GDP data, the manufacturing ISM index at 10.00 a.m. ET will be closely watched, with expectations for a modest rise to 52 in April that would follow five consecutive months of weakening.
Construction spending data for March is also expected at 10:00 a.m. ET, as is the final reading of the University of Michigan's consumer sentiment survey for April, followed by vehicle sales data.
Speaking two days after the Federal Reserve's statement release, Cleveland Fed President Loretta Mester said the central bank needs a clearer understanding of how problems in housing—stemming from changes in household finance—might destabilize the U.S. economy. Mester is an alternate voting member of the Federal Reserve Open Market Committee.
Oil remains in focus as prices continued to creep towards highs, with crude hitting an intraday record for 2015 of $59.90 a barrel.
Friday will be a quieter day for earnings with Chevron, Clorox and Public Service before market open.
Oil and natural gas producer Chevron posted a 43 percent drop in quarterly profit on Friday due to low oil prices. The company reported net income of $2.57 billion, or $1.37 per share, compared to $4.51 billion, or $2.36 per share, in the year-ago period. Production grew 4 percent to 2.68 million barrels of oil equivalent per day.
Moody's earned $1.11 per share for its latest quarter, beating estimates by 8 cents, with revenue also well above estimates. Its results were powered by strong increases in both debt rating and analytics revenue.
VF Corp. matched estimates with quarterly profit of 67 cents per share, with revenue very slightly below Street forecasts due to international weakness. However, the North Face and Timberland maker also increased its full-year earnings forecast.
CVS Health earned an adjusted $1.14 per share for its latest quarter, 6 cents above estimates, while revenue also beat analyst forecasts. The company's results were helped by stronger specialty pharmacy results, but it gave a current quarter view that falls below Street forecasts.
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In Europe, U.K. equities wobbled as the majority of European markets, and many international markets, were closed for the International Workers' Day holiday.
On Thursday, weekly jobless claims came in at 262,000, a 15-year low. The major indices closed below their 50-day moving average, with biotechs sending the Nasdaq down 82.22 points, or 1.6 percent, recovering slightly from a 2 percent dip.
The Dow Jones Industrial Average closed down 1.1 percent, with Apple down 2.7 percent as the greatest laggard.
Wednesday's weaker-than-expected GDP report and Fed meeting statement that removed all calendar references to an interest rate hike has put investors on edge ahead of a key economic indicator—April's jobs report due next Friday. The data could indicate a pickup in the second quarter and could bring a rate hike forward.
—Reuters and CNBC's Peter Schacknow contributed to this report