European stocks surged on Friday following Greece's submission of proposals. Germany's DAX was up around 2.4 percent, while the French CAC rallied more than 3 percent.
Apart from Greece, Federal Reserve Chair Janet Yellen will also speak on the economic outlook and take questions on Friday at 12:30 p.m. ET in Cleveland.
Traders will listen for any guidance on whether international risks are serious enough to deter the central bank from raising rates this year – the Fed, in the minutes from its June meeting, noted that it was watching events in Greece and was concerned about China's economy.
Read MoreMobius: The worst is over, I'm hunting value in China
Asian stock markets also ended Friday on a positive note, as the market rebound in China entered a second day and on the back of rising hopes for a deal between Greece and its creditors.
Back in the U.S., wholesale trade figures are due at 10:00 a.m. ET. There are no major earnings due on Friday
Read More Early movers: BUD, COTY, GPS, CUDA, IHG, WBA & more
Gap reported a 1 percent drop in June same-store sales, more than the Thomson Reuters estimate for a 0.5 percent drop.
Barracuda Networks beat estimates by 1 cent with adjusted quarterly profit of 9 cents per share, with revenue also above estimates. However, gross billings—a sign of future demand—were well below Street forecasts.
—CNBC's Peter Schacknow contributed to this report.