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Wall Street to build on rally after Russia deal, oil at $60

U.S. stock index futures signaled a higher open on Friday, following forecast-beating growth data from the euro zone and a firming oil price.

Oil is likely to continue to be in focus as news of a Russia-Ukraine cease-fire, agreed Thursday, filters through to markets. Brent Crude rose to trade at $60 per barrel on Friday and U.S. crude futures were up around $1 at $52.20.

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

It comes after the euro zone's gross domestic product (GDP) expanded more than expected in the fourth quarter of 2014, boosted by an acceleration in Germany's growth. The region's GDP expanded by 0.3 percent in the final three months of the year from the previous quarter -- above analyst expectations. European equities were higher in morning trade.

Read MoreEuro zone growth beats as Germany storms ahead

Greek Prime Minister Alexis Tsipras has also agreed to meet with representatives from the European Union (EU), European Central Bank and International Monetary Fund, ahead of Monday's key Eurogroup meeting on debt talks, according to Reuters.

Ukraine cease-fire: How it impacts investors

Data expected Friday includes the preliminary estimate of the University of Michigan consumer sentiment index at 10:00 a.m. ET, which is expected to remain close to the more than ten-year high reached the previous month. Also due are the latest import price figures at 08:30 a.m. ET.

Earnings include Calpine, DTE Energy, Exelon, Interpublic, JM Smuckers,Brookfield Asset Management, TransCanada and Red Robin Gourmet Burgers.