US futures rise as investors look to data, tax plan unveiling

  • Friday marks Quadruple Witching Day
  • No major earnings are set to be released

U.S. stock index futures are set for a positive open Friday, as investors shake off concerns surrounding overhauling the tax system and turn their attention to upcoming data.

Dow Jones industrial average futures rose 88 points, while S&P 500 and Nasdaq 100 futures gained 8 points and 17.75 points, respectively.

The GOP is expected to unveil their tax plan later on Friday.

In the previous session, U.S. stocks fell into the red by the close, as two Republican senators raised some concerns surrounding the tax bill. On Thursday, it was confirmed that Senator Marco Rubio opposed the current legislation unless the GOP decided to expand the proposed child tax credit, meanwhile Senator Mike Lee, appears to be undecided.

Trader Peter Tuchman works on the floor of the New York Stock Exchange, (NYSE) as the Dow Jones Industrial Average crosses 24,000, in New York, U.S., November 30, 2017.
Brendan McDermid | Reuters
Trader Peter Tuchman works on the floor of the New York Stock Exchange, (NYSE) as the Dow Jones Industrial Average crosses 24,000, in New York, U.S., November 30, 2017.

Senator Bob Corker also disagrees with the Senate's version of the plan, therefore if both Corker and Rubio vote against the proposal, it's possible that one more GOP senator showing opposition could sink the bill.

The concerns surrounding the state of the U.S. tax plan added pressure to markets overseas, with Asia closing lower and Europe dipping into the red.

Switching focus to Friday's session, a number of economic releases are due. At 9:15 a.m. ET, industrial production data are set to come out. Treasury International Capital (TIC) data will be released in the afternoon, at 4 p.m. ET.

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Meantime, Friday also marks Quadruple Witching Day, where volatility is likely as stock index futures, stock index options, stock options, and single-stock futures expire.

No major earnings are set to be released on the final trading day of the week.

—CNBC's Jacob Pramuk contributed to this report