Around three hours before the start of trading, Dow Jones Industrial Average futures fell 31 points to 12375. The S&P 500 futures fell 4 points to 1306.10, while Nasdaq-100 futures fell 6.75 points to 2523.75. Changes in futures don't always accurately predict early market moves after the opening bell.
A day prior, Wall Street managed to give up the bulk of the day's gains after Mr. Bernanke said the central bank wants to review the economy before making a decision on more stimulus. The Standard & Poor's 500 index halted a three-session win streak, finishing slightly lower at 1314.99.
"Equities have had a good week so far, but investors are becoming increasingly jittery as we head into the weekend. As a consequence, many are taking the opportunity to take some risk off the table and book profits," said David Morrison, senior market strategist at GFT Markets, in emailed comments.
Mr. Morrison said Thursday's surprise rate cut from China helped take some sting out of disappointment over a lack of stimulus action from European officials.
"However, the Chinese rate cut (the first since the financial crisis in 2008) has spooked some investors ahead of the release of China's PPI, CPI, CPI.AT -10.00% industrial production, retail sales and fixed-asset investment tomorrow. There is a concern that the cut was a pre-emptive action ahead of poor data," he said.
As well, there remains plenty to worry about on the European front. Markets in Europe were under pressure, though Spain stocks erased losses and turned slightly higher after Reuters reported that the government could be close to asking for a rescue of its banks this weekend.
A representative from the European Commission said they had no news on a Spanish bailout request, while Spanish officials couldn't immediately be reached for comment.
Fitch Ratings downgraded Spanish debt by three notches late Thursday to BBB, saying the costs of bailing out the banks could rise to €90 billion ($113 billion) to €100 billion in a negative stress scenario.
On the economic calendar, the trade deficit for April will be released at 8:30 a.m. EDT by the Commerce Department. Wholesale inventories for April will be released by the Commerce Department at 10 a.m. EDT.
Asian stocks skidded Friday after China's surprise rate cut ahead of a weekend of busy data for the country got investors nervous. The Nikkei Stock Average dropped 2.1% as investors cashed in on three days' worth of gains.
Commodities also fell sharply, with crude-oil futures tumbling $2.42, or 2.9%, to $84.41 a barrel, while gold futures for August delivery fell nearly $10, or 0.6%, to $1,578.70.
As commodities and stocks fell, the dollar rose across the board. The dollar index, which measures the dollar across a basket of major currencies, jumped to 82.749 versus 82.241 seen in late trade Thursday.
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