Personal spending rose 0.1 percent in March, while personal income rose 0.4 percent. The Employment Cost Index, the broadest measure of labor costs, increased 0.6 percent after an unrevised 0.5 percent gain in the fourth quarter, the Labor Department said on Friday.
The Fed's preferred inflation measure, the ex-food and energy personal consumption expenditures (PCE) price index, edged up 0.1 percent last month. In the 12 months through March, the core PCE rose 1.6 percent after advancing 1.7 percent in February.
Chicago PMI is set to follow at 9:45 a.m. ET, with consumer sentiment due at 10:00 a.m. ET.
On the earnings front Chevron, Exxon Mobil, Host Hotels, Monster Beverage and Seagate Technology are among companies set to report before the bell.
Chevron posted a greater-than-expected loss of 39 cents a share, while revenue beat expectations at $23.55 billion. That marked a roughly 32 percent decline in sales from the comparable year-ago figure of $34.56 billion. Shares briefly fell more than 1 percent in pre-market trade.
Exxon Mobil reported quarterly earnings and revenue that beat analysts' expectations. Shares were up about half a percent in pre-market trade.
Read More Early movers: AMZN, VRX, TIVO, TYC, DAL, VFC, MCO, NWL & more
The Federal Reserve could raise U.S. interest rates as soon as June or July if second-quarter economic data is strong, Dallas Federal Reserve President Robert Kaplan said in a Reuters report Friday.
In Asia, markets were mostly lower on the final trading day of the week, as investors digested major central banks' decisions to stand pat on their monetary policies.
Japanese markets are closed on Friday for a public holiday. The Japanese benchmark index tumbled 3.61 percent in the previous session, while the yen strengthened rapidly, following the BOJ decision. The Nikkei 225 lost more than 5 percent for the week.
In Europe, the pan European Stoxx 600 Index was down by around 1.3 percent on Friday morning following the weak session from the U.S.
In oil markets, Brent crude traded at $48.35 a barrel, up 0.44 percent, while U.S. crude was at $46.48, up 0.98 percent.
--CNBC's Saheli Roy Choudhury and Evelyn Cheng contributed to this article