U.S. futures lower, data in focus; Dow Jones down 0.18%

U.S. stock futures pointed to a lower open on Friday, as markets awaited the release of upcoming U.S. data, while investors remained cautious ahead of a meeting of euro zone finance ministers, expected to take place later in the day. 

Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.18% loss, S&P 500 futures signaled a 0.23% fall, while the Nasdaq 100 futures indicated a 0.26% decline.

Investors remained cautious as the Eurogroup of finance ministers was to meet later in the day in Dublin. They were expected to discuss whether to give Ireland and Portugal an extension on their bailout loan repayments. 

Cyprus was are also slated to be discussed at the meeting, after the country's government confirmed on Thursday that the cost of its bailout has risen to EUR23 billion EUR17.5 billion. 

On Thursday, the U.S. Department of Labor said the number of people who filed for unemployment assistance in the U.S. fell by 42,000 to a seasonally adjusted 346,000, compared to expectations for a decrease of 23,000.

The data eased concerns that the recovery in the labor market was losing momentum after U.S. nonfarm payrolls data for March came in far below expectations. 

Tech stocks were also likely to remain in focus, after market research firm IDC said worldwide shipments of personal computers tumbled 13.9% in the first quarter, the biggest drop since the firm began issuing quarterly numbers in 1994. 

Shares in Microsoft were down 0.60% in pre-market trade. 

In the retail sector, J.C. Penney plummeted 4.37% in early trading, after three more of the company's top executives parted ways, according to a New York Post report, following the ouster of Chief Executive Ron Johnson. 

Elsewhere, J.B. Hunt Transport Services posted first-quarter earnings that missed projections, late Thursday. 

Among Internet-linked stocks, Netflix said viewers watched more than 4 billion hours of video on its website in the first quarter. 

Other stocks in focus included U.S. lenders Wells Fargo and JP Morgan, slated to report first-quarter earnings later in the day. 

Across the Atlantic, European stock markets were sharply lower. The EURO STOXX 50 tumbled 1%, France’s CAC 40 retreated 0.68%, Germany's DAX plummeted 1.18%, while Britain's FTSE 100 declined 0.47%. 

During the Asian trading session, Hong Kong's Hang Seng Index dipped 0.06%, while Japan’s Nikkei 225 Index declined 0.47%. 

Later in the day, the U.S. was to release official data on retail sales, producer price inflation and business inventories, as well as preliminary data from the University of Michigan on consumer sentiment.