U.S. stock futures point to a higher opening Monday on news that European leaders made some progress toward a revamped strategy to tackle the sovereign debt crisis.

Futures on the S&P 500 Index gained 0.28 percent at 6:25 a.m. ET while futures on the Dow Jones Industrial Average and Nasdaq 100 rose 0.28 percent and 0.41 percent, respectively.

EU leaders announced on Sunday that some progress was made in Brussels with agreements near on bank recapitalization and on how to leverage the European Union's EFSF rescue fund to try to stop bond market contagion. But final decisions were deferred until a second summit on Wednesday, Reuters reported.

Meanwhile, the Chinese manufacturing sector expanded moderately in October after snapping the three months' contraction, the longest since 2009. HSBC's flash purchasing managers' index rose to a five month high of 51.1 in October from 49.9 in September.

On the earnings front, Caterpillar, Eaton Corp. and VF Corp. will report their quarterly earnings before the opening bell, while Amgen, Texas Instruments, Netflix and Masco Cor.p will release their quarterly earnings after markets close on Monday.

U.S. stocks ended higher on Friday, following a batch of corporate earnings and on hopes of a grand bailout from European authorities.

The euro declined 0.24 percent to 1.3863 against the dollar and the yen gained 0.15 percent against the greenback.

European stock markets are trading higher, with the FTSE100 up by 31.82 points, the DAX30 up by 46.76 points and the CAC 40 up by 9.74 points.