Before the bell: Futures higher ahead of retail sales data

In addition to retail sales, the economic docket is quite busy with November import and export prices also due at 8:30 a.m., October inventory levels to be reported at 10 a.m., and the University of Michigan's preliminary consumer sentiment gauge for December -- also due just before 10:00 a.m. Inventories are expected to have declined, while sentiment to edge up.

Overseas, Asian markets closed with gains and European markets also traded higher after a report showed a big improvement in China's exports. China's industrial production grew 19.2% in November -- more than economists estimated. Exports, meanwhile, fell only 1.2 % -- the least in 13 months and imports surged 26.7%, confirming the nation's role as leader of the world recovery, Bloomberg wrote. The small decline in exports also points to rising global demand that could lift other trade-reliant economies, investors believe.

Oil prices hovered near $71 a barrel Friday in Asia as a warm winter and struggling economy in the U.S. undermine demand for crude products like diesel and heating oil. However, the International Energy Agency said Friday global oil demand will rise slightly faster in 2010 than previously forecast, driven by increased economic activity in Asia and the Middle East.

Finally, in Copenhagen, where 192 countries from around the world debated the climate, it is proposed that nations should reduce greenhouse-gas emissions at least 50% by mid-century.

Of companies in focus, Boeing (BA) said on Thursday it has opened the flight test window for its 787 Dreamliner starting December 15, allaying concerns that it will miss its latest deadline.