US Markets

Stock futures mildly up, with price of oil a factor


U.S. stock-index futures added to slight gains on Friday after October , just above expectations.

"That's a good early read. For the naysayers saying the consumer is dead, here's another report that proves that's not correct," said Art Hogan, chief market strategist at Wunderlich Securities.

Still, how the stock market fares during the session is largely "up to crude oil. We had a significant downward trend in both Brent and WTI, if we're going to find any support at these new low levels, that would be supportive for the equity market overall," Hogan added.

The preliminary reading of November's University of Michigan's consumer confidence survey is out at 9:55 a.m., followed by monthly business inventories at 10 a.m. and natural gas inventories at 10:30 a.m.

Traders on the floor of the New York Stock Exchange.
Brendan McDermid | Reuters

On Thursday, U.S. stocks fluctuated, with energy companies being slammed as the price of oil fell. This countered upbeat earnings from the world's largest retailer,Wal-Mart, and data showing jobless claims holding at a 14-year low.

"A theme that has built up in U.S. markets over the last few sessions has been the battle between supportive macro data and declining energy stocks. This battle for the moment seems to be doing a good job at keeping markets in check," said analysts led by Jim Reid at Deutsche Bank in a research note on Friday.

Read MoreOil to fall further in 'new chapter' for markets: IEA

Energy stocks will be under pressure again on Friday, with U.S. crude prices touching a four-year low early in the day.

Falling oil prices a tailwind for US retail sales?

Mining stocks may also decline, with softer metal prices weighing on sentiment.

Read MoreOil collapses as OPEC stands back and US booms

In stocks-specific news, Starbucks will be in focus after European Union regulators said a tax deal struck with Dutch authorities might be illegal. The probe is part of an investigation into so-called sweetheart deals between European countries and multinational companies, including Starbucks, Amazon, Italian carmaker Fiat and Apple.

No major earnings are due on Friday. However, several Federal Reserve officials will speak during the day, with St. Louis Fed President James Bullard up first. Panel discussion with Stanley Fischer and Jerome Powell will follow at 4 p.m.

Across the Atlantic, data out on Friday showed the euro zone's economy grew more than expected in the third quarter. The region's gross domestic product (GDP) grew by 0.2 percent on the previous quarter, better than the expected 0.1 percent.

Read MoreEuro zone GDPsurprises, Greece exits recession

World leaders have gathered in Brisbane, Australia for this weekend's G-20 Leaders' Summit. Policymakers will discuss global growth challenges, with the G-20's goal of boosting collective gors domestic product by 2 percentage points over five years looking increasingly unlikely.