A report released by the Labor Department on Friday showed unexpected decreases by U.S. import and export prices in the month of May.
The Labor Department said import prices fell by 0.4 percent in May following a 0.9 percent advance in April. Economists had expected import prices to inch up by 0.1 percent.
Prices for fuel imports led the way lower, tumbling by 2.0 percent, although prices for non-fuel imports also dipped by 0.3 percent.
Meanwhile, the report said export prices slid by 0.6 percent in May after climbing by an upwardly revised 0.6 percent in April.
Economists had expected export prices to come in unchanged compared to the 0.5 percent increase originally reported for the previous month.
At 10 am ET, the University of Michigan is scheduled to release its preliminary report on consumer sentiment in the month of June. The consumer sentiment index is expected to climb to 72.0 in June after plunging to 69.1 in May.
Chicago Federal Reserve President Austan Goolsbee is due to participate in a fireside chat before the Iowa Farm Bureau Economic Summit at 2 pm ET.
At 7 pm ET, Federal Reserve Board Governor Lisa Cook is scheduled to speak at an event celebrating 50 Years of the American Economic Association Summer Program.