The core personal consumption expenditure (PCE) index is expected to have risen 0.4% on a monthly basis in January from 0.3% in December. Annual core PCE, however, is seen easing to 4.3% last month from 4.4%. The data is expected at 8:30 a.m. ET.

The three major U.S. indexes are set for weekly losses despite a modest rebound in the previous session, with the blue-chip Dow set for post losses for February.

After a strong January, equity markets have retreated this month as a slew of economic data fed into worries that the central bank might have to keep interest rates higher for longer on sticky inflation and a resilient labor market.

Market participants expect the Fed fund rates to peak at 5.35% by July and stay near those levels till year-end.

Megacap stocks like Tesla Inc., Amazon.com Inc. and Nvidia Corp. slid around 1% each in premarket trading as yield on the benchmark U.S. 10-year Treasury note edged up.

At 6:40 a.m. ET, Dow e-minis were down 164 points, or 0.49%, S&P 500 e-minis were down 24 points, or 0.6%, and Nasdaq 100 e-minis were down 111.5 points, or 0.91%.

Separately, January home sales data and the University of Michigan's final reading of consumer sentiment for February are also due later in the day.

A string of Fed policymakers including Cleveland Fed President Loretta Mester and Boston Fed President Susan Collins are also slated to speak.

Boeing Co. slid 3% after the Federal Aviation Administration said the planemaker temporarily halted deliveries of its 787 Dreamliner jets.

Warner Bros Discovery Inc. fell 4.9% after reporting a greater than expected quarterly loss due to one-off charges related to Warner Bros-Discovery merger.