The Department of Commerce is scheduled to release the U.S. current account deficit for 1Q at 8:30 a.m. Economists expect the deficit to have widened to $190.0 billion vs. $187.9 billion in 4Q.

The University of Michigan is due to release its preliminary consumer sentiment index for June at 9:45 a.m. Economists expect a reading of 89.0, up versus the 86.9 May final reading.

Dow Jones futures gained 30 points, Nasdaq futures were up 5 points and S&P futures advanced 2.8 points.

Crude-oil prices rose 74 cents to $57.32 a barrel in early Friday trading amid fears of insufficient gasoline supplies from near-maximized U.S. refineries during the high-demand summer driving season.

The dollar traded at 108.84 yen, down versus 108.96 yen late Thursday, while the euro advanced against the greenback to $1.2171 versus $1.2100.

The 10-year Treasury note declined 5/32, or $1.5625 per $1,000 invested, to yield 4.088%. The 30-year note dropped 10/32 to yield 4.38%. Yields move inversely to prices.

Major markets in Asia ended mostly higher Friday, while the major European markets gained in early trading.

In Japan, The Nikkei Stock Average of 225 issues gained 97.65 points, or 0.86%, to 11,514.03 points on the Tokyo Stock Exchange, while Hong Kong's Hang Seng index advanced 78.50 points to 13,912.03. Shares of Nippon Steel Corp., Nisshin Steel Co., Nippon Oil Corp. advanced Friday.

European stocks traded higher Friday, with oil companies advancing as crude-oil prices rose to two-month highs, while U.K. beverage company Allied Domecq PLC (AED) and insurer Royal & Sun Alliance PLC (RSA: chart) declined. In London, the FTSE 100 was recently up 0.7% at 5078.5, with Tesco Corp. (TESOF: chart) and Vodafone Group PLC (VOD: chart) trading higher. BP PLC (BP: chart) gained 0.5%. BP also said that it has agreed to sell several oil fields off the south east coast of Trinidad to Perenco and Neal & Massy Energy for $229 million.

Germany's DAX 30 index gained 0.2% to 4,586 and France's CAC 40 index rose 0.3% to 4,195. London's FTSE 100 index advanced 0.2% to 5,053.

In corporate news, reports late Thursday said Bank of America (BAC: chart)has agreed to pay $3 billion for a 9% percent stake in China Construction Bank.

Circuit City (CC: chart), electronics retailer, is scheduled to release its quarterly results before the opening bell Friday. Analysts expect the company to post a loss of $0.02 per share for the May quarter, versus a loss of $0.03 per share a year earlier.

Heidrick & Struggles (HSII: chart) said early Friday that it has formally approved its restructuring plan, which will lead to an estimated charge of between $26 and $33 million, mostly in 2Q. The company said that the plan will require a workforce reduction of about 60 people and will result in potential yearly savings of $15-$16 million. The company foresees about $7-$8 million in savings in fiscal 2005.

After the market close Thursday, Adobe Systems (ADBE: chart) posted stronger-than-expected 2Q results but revealed a shareholder lawsuit related to its proposed acquisition of Macromedia (MACR: chart).

Metrologic Instruments (MTLG: chart) lowered its full-year earnings and revenue guidance and said it plans to cut costs, including job reductions.