Chinese shares erased early gains and fell 0.1% as a slower-than-expected rise in industrial production and a surprise fall in retail sales weighed on investor sentiment.
E-mini futures for the S&P 500 rose 0.23%.
Yields on U.S. Treasuries remained elevated after an auction of 30-year bonds on Thursday was met with weak demand.
Further equity gains are likely to be limited as investors await progress in negotiations over U.S. economic stimulus, which is necessary to prevent a nascent recovery in the world's largest economy from sliding into reverse.
The S&P 500 ended slightly lower on Thursday after briefly trading above its record closing high level for a second day as doubts about U.S. stimulus measures took hold.
"Many say that the best treatment for altitude sickness is to stop and rest where you are," Rodrigo Catril, Senior FX Strategist at National Australia Bank in Sydney, wrote in a note about the slight pullback in U.S. stocks and government bonds.
The mood was cautious in Asia after Chinese retail sales unexpectedly fell in July, suggesting domestic demand is still struggling after the coronavirus outbreak.
Some traders stuck to the sidelines before a meeting between U.S. and Chinese officials about their Phase 1 trade deal on Saturday.
Spot gold held steady at $1,952.41, close to a record high set last week in another sign of cautious sentiment.
Data on Thursday showed the number of Americans seeking unemployment benefits dropped below one million for the first time since the start of the COVID-19 pandemic, but this was not enough to change economists' views that the jobs market is faltering.
Yields on 30-year U.S. Treasuries stood at 1.4141% in Asia on Friday, close to a five-week high after the government sold a record amount of 30-year bonds to weak demand on Thursday.
Benchmark 10-year Treasury yields traded at 0.7094% in Asia, close to a seven-week high hit on Thursday.
Higher yields broadly supported the U.S. dollar, which held steady at 106.94 yen and at $1.1811 against the euro.
Elsewhere, the Australian dollar edged lower to $0.7139 as the weak Chinese data suggests less demand for Australian commodity exports.
Oil futures bounced in Asia U.S. crude rising 0.14% to $42.30 per barrel. Bren edged 0.18% higher to $45.04 a barrel, but further gains may be limited by worries about weak global energy demand.
(Reporting by Stanley White in Tokyo and Lawrence Delevingne in Boston; Editing by Sam Holmes) ((email@example.com; +81 (0)3 4563 2799; twitter.com/stanleywhite1 ;))