Futures Off Highs After Manufacturing Report

U.S. stock index came off their highs Friday following the New York Fed's "Empire State" manufacturing data, but still held gains following reports major central banks were ready to provide further monetary stimulus measures following Greece's elections over the weekend.

However, quadruple witching—contracts for stock index futures, stock index options, stock options and single stock futures all expiring—may bring additional volatility to trading.

Officials from the G20 nations, whose leaders are meeting in Mexico next week, said that central banks were ready to take steps to stabilize financialmarkets by providing liquidity and prevent any credit squeeze if severe market strains emerged after Sunday's election. (Read More: Why Joint Central Bank Action Won’t Work)

G20 officials told Reuters the Greek election will not provide "the definitive signal on what happens next" in the euro zone debt crisis.

Britain is expected pump more than 100 billion pounds ($155.43 billion) into its banking system as it looks to improve the amount of credit being fed through to the real economy, according to the governor of the Bank of England.

And the Bank of Japan kept monetary policy steady but pledged to do its utmost to ensure the country's banking system remains stable if a Greek election this weekend ignites fresh global market turmoil.

On the economic front, manufacturing in New York state fell sharply to 2.3 in June to its lowest level since November, according to the New York Federal Reserve's "Empire State" general business conditions index. Economists had expected a reading of 13.

And factory production slipped 0.4 percent in May for the second time in three months, while total industrial output fell 0.1 percent, according to the Federal Reserve. Analysts had expected total production to gain 0.1 percent.

Consumer sentiment data is expected at 9:55 am ET.

European shares were higher. Spanish and Italian government bond yields eased, while the euro held firm against the U.S. dollar.

Meanwhile, Moody's slashed its ratings on 11 European banks, warning of further downgrades if Greece ditched the euro.

Brent crude futures rose towards $98 a barrel, extending gains after producer group OPEC agreed to keep its output target unchanged for the second half of the year.

On the M&A front, business-software company Yammer agreed to a takeover bid from Microsoft for $1.2 billion, according to reports.

And China granted conditional approval for United Technologies to take over aircraft parts maker Goodrich in a deal valued around $16.5 billion, saying Goodrich needed to divest or sell parts of some businesses.

—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

Coming Up This Week:

FRIDAY: Consumer sentiment, credit card default rates reported, quadruple witching

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