On Thursday, the market soared 3 percent after a long-awaited agreement was struck to help contain the region's two-year debt crisis. The S&P 500 is up more than 13 percent this month, on pace for its biggest monthly gain since October 1974.
S&P 500 futures fell 5.1 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures lost 69 points, and Nasdaq 100 futures fell 7.25 points.
U.S. President Barack Obama said Thursday the Europe deal had calmed global markets, adding it was now important that the countries follow through on its implementation.
As earnings season rolls on, Merck & Co Inc, the No. 2 U.S. drugmaker, announced quarterly results early Friday.
Chevron Corp, the second-largest U.S. oil company, is expected to show a sharp increase in quarterly profit, boosted by a $500 million gain on the sale of its Welsh refinery and British and Irish marketing assets. Its profit is expected to jump to $3.46 per share from $1.87.
The Commerce Department releases September personal income and consumption data at 8:30 a.m. EDT (1230 GMT). Economists expect a 0.3 percent rise in income and a 0.6 percent increase in spending. In August, income fell 0.1 percent and spending was up 0.2 percent.
Also at 8:30 a.m. EDT, the Labor Department issues its Employment Cost Index for the third quarter. Economists see a rise of 0.6 percent versus a 0.7 percent increase in second quarter.
At 9:55 a.m. EDT, the Thomson Reuters/University of Michigan Surveys of Consumers will release its final October consumer sentiment index. Economists expect a reading of 58.0, compared with 57.5 in the preliminary October report.
Exxon Mobil Corp awarded two engineering contracts to build floating storage and offloading facilities at the Banyu Urip oilfield and said this will lead to full production of 165,000 barrels per day at its Cepu block in Indonesia in three years.
Samsung Electronics Co overtook Apple Inc as the world's top smartphone maker in the July-September period with a 44 percent jump in shipments and forecast strong sales in the current quarter.
Brocade Communications System Inc may looking again at prospective buyers, the Wall Street Journal reported, citing sources.
Some customers are moving money away from struggling futures brokerage MF Global Holdings Ltd, according to hedge fund officials, rivals and analysts, though the extent of the outflows is unclear.
Shares of Baidu Inc rose 6.5 percent to $147.35 in premarket trade after the company reported earnings late Thursday.
(Reporting by Angela Moon; editing by Jeffrey Benkoe)