Last Minute Greek Deal Boosts US Futures

Wall Street was set to open higher on Tuesday, a day after the Dow and the S&P 500 registered their worst session since October, as investors hoped Greece would strike a last-minute deal to avoid an exit from the euro zone.

Greece is hours away from defaulting on a 1.6 billion euro repayment to the International Monetary Fund.

The European Commission made its final push to try to persuade Greek Prime Minister Alexis Tsipras to accept a bailout deal he has rejected before.

“We are looking at some sort of a bounce from yesterday’s sharp decline,” said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.

“This last-minute talk of a deal is basically causing some short covering.”

U.S. corporations have limited exposure to Greece, but investors are concerned about the fallout across Europe if the country exits the euro zone.

In Asia, Chinese stocks .SSEC reversed course to end up 5.5 percent after the government and regulators stepped up efforts to reverse a 20 percent slump in the past few weeks.

U.S. investors await June consumer confidence data at 10 a.m. ET (1400 GMT). The index is expected to rise to 97.3.

S&P 500 e-minis ESc1 were up 13 points, or 0.63 percent, with 339,891 contracts traded. Nasdaq 100 e-minis NQc1 were up 21 points, or 0.48 percent, on volume of 47,389 contracts. Dow e-minis 1YMc1 were up 83 points, or 0.47 percent, with 42,444 contracts changing hands.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza