US pre-open: Futures edge higher amid renewed Greek hopes

US stock futures edged higher on Tuesday, as markets looked set to return to normality after the sell-off sparked by the Greek crisis.

The Dow Jones Industrial Average is expected to open up by approximately 62 points, while the S&P 500 and the Nasdaq are set to begin the session 10 and 14 points higher respectively.

Wall Street recorded its worst session of the year on Monday, as the crisis in Greece drove the Dow Jones Industrial Average to its biggest drop since June 2013.

Last glimmer of hope for Greece?

European indices popped into positive territory as investors reacted to reports that Athens may be considering a last-minute offer by European Commission chief Jean-Claude Juncker.

“Movements are being dictated by the sporadic, sometimes contradictory, and largely unclear dispatches from Greece and its creditors,” said Spreadex’s financial analyst Connor Campbell.

“Meaning the current, if mild, positivity could easily switch back to a darker shade of red if these rumours begin to dissipate.”

The dollar pulled back some of Monday’s losses against the euro, climbing 0.37% against the European currency.

The greenback was flat against the pound and fell 0.21% against the yen, while gold futures declined 0.47% to $1,173.50.

“The Greek deadline is looming and New York will be paying close attention to Athens tonight,” said David Madden, market analyst at IG.

“The US market has a short week as Friday is a holiday, and traders want to close out their positions ahead of the long weekend.”

Elsewhere, Chinese shares bounced back from Monday’s steep decline, while Japan’s Nikkei edged 0.63% higher.

Oil prices rose, with West Texas Intermediate gaining 0.58% to $58.60 a barrel, while Brent crude rose 1.08% to $62.69 a barrel.

Tuesday data

Investors will focus on the S&P/Case-Shiller home price index for April, which is released at 14:00 BST, followed by the June reading of the Chicago purchasing managers’ index at 14:30 BST.

The Conference Board’s report on consumer confidence for June is due at 15:00 BST,, with economists expecting the reading to rise to 97.5 from 95.4 in May.

In company news, Microsoft gained 0.72% in pre-market trading after saying on Monday it will exit the ad-sales business and has contracted AOL to handle all its ad sales across Microsoft’s properties.

General Electric edged 0.62% higher ahead of the bell after reaching an agreement to sell its European private-equity finance business to Japan's Sumitomo Mitsui Banking Corp. for about $2.2bn.