A potential market reversal is looming in the U.S. as index futures indicate a lower open on Friday. Global markets are experiencing negative cues, with Asian markets slumping due to growth concerns and European markets extending losses for a fifth consecutive session. Energy prices are also on the decline. In the absence of significant corporate news, traders are likely to focus on Main Street data, including business activity reports, and scheduled speeches from the Federal Reserve.Key Highlights From Thursday’s Trading:Stocks closed Thursday’s session mostly higher, with weak data suggesting that the Federal Reserve may lean towards a dovish stance at the upcoming July rate-setting meeting.Jobless claims rose for the third consecutive week, while the Conference Board’s leading economic index, a predictor of economic growth, continued its decline.The major averages initially opened lower but quickly reversed course. The Nasdaq Composite and the S&P 500 indices remained in positive territory for the majority of the session, while the Dow Industrials struggled and closed slightly lower.Small-cap stocks experienced a sell-off, with the Russell 2000 Index plunging by 0.80%.Communication services, consumer discretionary, and IT stocks performed well, while energy, IT services, and real estate stocks faced selling pressure. U.S. Indices’ Performance on ThursdayIndex Performance (+/-)ValueNasdaq 100+0.6%14,943.54S&P 500 Index+0.04%4,364.68Dow Industrials-0.11%33,913.90Russell 2000-0.72%1,865.11Analyst Color:The major indices are up solidly so far this month. Going by historical performance, an analyst sees this as positive for the market.Carson Group’s Ryan Detrick noted that when the S&P 500 is up between 10-15% for the six months ended June, the index has advanced for the rest of the year 12 out of 12 times.  With six sessions to go for the half-year, the S&P 500 is up 14.13%.More importantly, the median gain is about 11%, Detrick said. The average year median gain for the final six months has been 5%, he added.Futures TodayFutures Performance On FridayFuturesPerformance (+/-)Nasdaq 100 -0.44%S&P 500-0.39%Dow-0.39%R2K -0.63%In premarket trading on Friday, the SPDR S&P 500 ETF Trust SPY slipped 0.48% to $434.42 and the Invesco QQQ ETF QQQ fell 0.63% to $363.87, according to Benzinga Pro data.Upcoming Economic Data:S&P Global is due to release its preliminary manufacturing and services purchasing managers’ indices for June at 9:45 a.m. EDT. The manufacturing PMI is expected to remain almost flat at 48.5 and the services PMI is expected to slip from 54.9 in May to 54 in June.Atlanta Fed President Raphael Bostic is due to participate in a conversation on relevant topics to the finance community and business before the University of Georgia Terry College of Business CFO Roundtable at 8 a.m. EDT.Cleveland Fed President Loretta Mester will give the closing remarks before the “Policy Summit 2023: Communities Thriving in a Changing Economy” conference hosted by the Federal Reserve Bank of Cleveland at 1:40 p.m. EDT.See also: Futures Trading: Best Futures To TradeStocks In Focus:Commodities, Bonds, Other Global Equity Markets: Crude oil futures slipped 1.84% to $68.23 in early European trading on Friday. The commodity plunged 4.16% on Wednesday.The yield on the benchmark 10-year Treasury note fell 0.057 percentage points to 3.742%.Major Asian markets plunged on Friday, with the Japanese, Hong Kong, Chinese, Australian and South Korean markets declining steeply. The Bank of England’s bigger-than-expected rate hike and domestic data showing lackluster business activity and a pick up in the pace of inflation in Japan sent traders scurrying for cover.European stocks extended their lean patch after the Bank of England’s shocker. The major averages in the region were lower in late-morning trading, extending the weakness for a fifth straight session.Read Next: Third Consecutive Week Of Higher-Than-Expected Unemployment Claims: Is US Job Market Losing Steam?