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Future Advance After EU Summit Agreement
CNBC.com | June 29, 2012 | 08:42 AM EDT

U.S. stock index futures added to sharp gains Friday after European leaders unexpectedly agreed to take action to bring down Italy and Spain’s borrowing costs and create a single banking supervisory body.

European Union leaders at a summit in Brussels agreed that euro area rescue funds could be used to stabilize bond markets without forcing countries that comply with EU budget rules to adopt extra austerity measures or economic reforms.

The deal had followed Spain and Italy's earlier withholding of support for a growth package. European shares soared to a one-week high following the announcement of the deal.

On the economic front, consumer spending was flat in May for the first time in five months , according to the Commerce Department, while income rose 0.2 percent.

The Institute of Supply Management - Chicago releases its June index of manufacturing activity at 9:45 am ET. Economists polled by Reuters forecast a reading of 52.5, compared with 52.7 in May. A reading above 50 indicates economic expansion.

And the final reading of the Thomson Reuters/University of Michigan Consumer Sentiment Survey for June is due at 9:55 am ET. with economists telling Reuters they expected a reading of 74.1, unchanged from the preliminary figure.

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