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Futures Gain Amid Progress in Italy, Greece

Futures rose Friday as concerns over the euro zone eased amid expectations that long-standing issues in Greece and Italy could finally be tackled.

The Italian Senate passed a new budget lawthat would allow for final approval of the package in the lower house over the weekend and the formation of an emergency government.

The move could pave the way for Prime Minister Silvio Berlusconi’s resignation and the appointment of Mario Monti as his replacement.

Meanwhile, Greece’s new Prime Minister Lucas Papademos will be naming a new crisis cabinet. However, Papdemos faces an uphill battle, with opposition growing to more belt-tightening in the debt-ridden nation.

On the earnings front, Walt Disney rose after the media conglomerate posted sales that beat expectations as advertising rose at the company's cable networks and theme park revenue increased.

Nvidia gained after the chipmaker posted results that topped estimates, although its revenue forecast was a bit lower than expected. Meanwhile, Citigroup raised its price target on the firm to $17 from $14.

On the economic front, Thomson Reuters/University of Michigan Surveys of Consumers preliminary November consumer sentiment index is due at 9:55 am ET. Economists expect a reading of 61.5 compared with 60.9 in the final October release, according to a Reuters poll.

Federal Reserve Vice Chairman Janet Yellen speaks at a conference in Chicago at 1.15 pm New York time.

The U.S. bonds market is closed to honor Veteran's Day.

—Follow JeeYeon Park on Twitter: twitter.com/JeeYeonParkCNBC

On Tap This Week:

FRIDAY: US Holiday—Veteran's Day. Markets open, banks closed. Consumer sentiment

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