On Thursday, investors were greeted by a cluster of new data, as key economic releases were published throughout the trading day.
The Commerce Department announced that consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.3 percent last month after an upwardly revised 0.2 percent rise in June.
Economists polled by Reuters had estimated consumer spending rising 0.4 percent in July.
The personal consumption expenditures (PCE) price index excluding food and energy edged up 0.1 percent in July after a similar gain in June. The core PCE is the Fed's preferred inflation measure.
U.S. weekly jobless claims totaled 236,000, matching estimates while personal income rose 0.4 percent in July versus a 0.3 percent increase expected.
After a brief improvement in June, home sales continued their downward slide in July. An index of so-called pending home sales, which represent closings one to two months from now, fell 0.8 percent compared to June, according to the National Association of Realtors.
Dallas Fed President Robert Kaplan was in Texas at the NASCO and Dallas County Community College District's Workforce Forum on Thursday, where he gave his thoughts on a panel entitled "improving growth by closing the skills gap."
While geopolitical tensions surrounding North Korea may have eased in the last day, investors will still be on edge awaiting any news surrounding the country's motives.
On Wednesday, U.S. President Donald Trump took to Twitter to state that "talking is not the answer" when it comes to resolving the ongoing tensions the country is dealing with, when it comes to North Korea.
Meanwhile, investors will also be keeping their focus on news coming from Brussels, as leading officials from both the U.K. and European Union wrap up their third round of Brexit negotiations on Thursday.
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