Personal income rose 0.4 percent in February, in line with expectations, while consumer spending rose 0.1 percent, below an expected increase of 0.2 percent. The PCE price index — an indicator of inflation — rose 2.1 percent year over year, while core PCE increased 1.8 percent from last year.
"As the Fed loves the PCE instead of the CPI, the nearing of their 2% core inflation rate coincides with their determination of hiking at least 3 times this year. As there are 8 meetings, it's still pretty damn gradual," said Peter Boockvar, chief market analyst at The Lindsey Group, in a note.
The Chicago manufacturing PMI rose to 57.7 this month from 57.4 in February. Consumer sentiment hit 96.9 versus an expected read of 97.6.
In oil markets, Brent crude traded at around $52.74 a barrel on Friday, down 0.42 percent, while U.S. crude was around $50.56 a barrel, up 0.44 percent.