NEW YORK (CNN/Money) - The midnight oil that has been burning on Capitol Hill might have repercussions on Wall Street Friday as investors consider the tax cut package likely to get final congressional approval before the holiday weekend.

At 8:30 a.m. ET, futures pointed to a lower start for the major indexes.

The House voted 231-200 early Friday to approve a $350 billion tax cut package whose features include a temporary cut in the top rate of dividend and capital gains taxes. The measure is expected to be approved by the Senate later in the day, and President Bush has indicated he'll sign it even though it's less than he sought.

While the tax cut generally is viewed in a positive light by investors, the decline in the dollar is not. The euro reached $1.18 early Friday for the first time since just after its introduction in January 1999. The dollar also retreated against the yen.

The Dow Jones industrial average managed a solid 0.9 percent gain Thursday on strong earnings and enthusiasm about the tax package. But the blue-chip indicator remains 85 points in the hole for the week. The Nasdaq composite index is 31 points short of breakeven even after a 1.2 percent gain.

Asian-Pacific stocks rallied Friday in response to the Wall Street session; Tokyo's Nikkei index gained 1.7 percent. European markets retreated in early trading.

Among U.S. stocks trading in Europe, Walt Disney (DIS: Research, Estimates) was unchanged. The media company said Thursday it is exploring the idea of selling its Disney Store unit, which sells licensed merchandise based on Mickey Mouse and other Disney characters.

On the earnings front, shares in Gap (GPS: Research, Estimates) rose more than 3 percent in before-hours trading Friday after the clothing retailer reported a sharp rise in first-quarter profit, without the need for aggressive discounting.

In the tech sector, software firm Novell (NOVL: Research, Estimates) gained more than 6 percent in before-hours trading after it posted a sharply narrower quarterly loss and higher revenue compared with last year despite weakness in the information technology sector.

Treasury prices rallied in early trading, sending the 10-year note yield down to 3.31 percent from 3.33 percent late Thursday. Brent oil futures gained 28 cents to $26.25 a barrel in London, where gold was sharply lower in early trading.

Volume is expected to be light Friday, with U.S. markets closed Monday for Memorial Day.