Looking overseas, market action on Friday seems to have pulled back a bit, with European stocks under slight pressure while markets in Asia finished the last day of the week on a relatively mixed to higher note. Consequently, following a strong session Thursday, investors are likely to be pausing for breath ahead of Friday's U.S. open.
On the earnings front, Foot Locker shares surged more than 20 percent in the premarket after reporting better-than-expected earnings. Gap, Ross Stores and Applied Materials also rose on strong quarterly results.
Another batch of economic data is set to be released Friday. First off, housing starts and building permits are due out at 8:30 a.m. ET, and then the Kansas City Fed manufacturing survey is set to be published at 11 a.m. ET.
In domestic news, House Republicans passed a bill to cut taxes on businesses and individuals on Thursday, with the tax reform plan receiving 227 votes in favor, beating the 205 votes that voted against.
If the bill does end up becoming law, it would cut the corporate tax rate from 35 percent to 20 percent without delay.
Tax reform will now look towards the Senate, where the Finance Committee is expected to vote on Friday.