President Barack Obama will travel to a factory Pennsylvania to press his case on raising taxes on the wealthy to narrow the deficit. The president is still negotiating with Republicans on how to avoid the steep automatic tax increases and spending cuts that will kick in soon without a deal. Obama is set to speak at midday in New York. (Read More: Millions at Risk of 'AMT Shock')
A proposal made by Treasury Secretary Timothy Geithner on Thursday was seen as offering little to Republicans. Stocks zigzagged in choppy trading as investors reacted to headlines from Speaker John Boehner and Senate Majority Leader Harry Reid.
On the economic front, consumer spending slipped 0.2 percent in October, falling for the first time in five months, according to the Commerce Department. The decline suggested slower economic growth for the fourth quarter. Economists polled by Reuters expected spending to be flat last month.
The Institute for Supply Management in Chicago releases its November index of manufacturing activity at 9:45 a.m. A reading of 50.5 is expected, compared with 49.9 in October.
Zynga plunged after the online game maker and Facebook revised their two year-old agreement. Facebook will now be able to develop its own games after the end of March, while Zynga no longer has to display Facebook ads or use Facebook payments on its own properties.