US pre-open: Futures nudge higher ahead of Eurozone meeting; trade figures in focus

US futures pointed to a marginally higher open on Wall Street ahead of an emergency Eurozone summit in Brussels, during which Greek Prime Minister Alexis Tsipras is expected to submit fresh proposals to his creditors.

Investors cautious ahead of key Eurozone meeting

European stocks slipped into the red after a mildly positive start, as investors chose to exercise caution before the outcome of the Eurozone meeting.

Ahead of those conversations, European Commission President Jean-Claude Juncker said he would like Greece to stay in the Eurozone.

Juncker went on to say that it was unlikely a deal would be reached on Tuesday.

"If there could be a solution today, then it would in turn be a too simple one," Juncker said.

The European Central Bank has kept the ceiling on its Emergency Liquidity Assistance for Greek banks unchanged, but raised the haircuts for debt needed to post as collateral when applying for ELA.

If Greece does not manage to secure fresh funds, the debt-ridden nation will default on the €3.5bn it is due to repay the European Central Bank on 20 July.

The dollar was firmer against the euro and the pound and little changed against the yen, while gold futures for August delivery were down 0.1% at $1,165.30.

Oil prices rose following a sharp selloff on Monday which saw West Texas Intermediate prices drop nearly 8% and Brent nearly 6%.

WTI was up 0.7% at $52.90 a barrel, while Brent crude was 1.2% higher at $57.21 a barrel.

Tuesday data

Investors will eye the release of US trade balance figures are due at 1330 BST, while job openings and labour turnover data are scheduled for release at 1500 BST.

CMC Markets analyst Jasper Lawler said consensus expectations are calling for a larger deficit of -$42.8bn in June from -$40.9bn in May.

In corporate news, shares of Advanced Micro Devices were down a whopping 11% in pre-market trading after the company lowered its revenue forecast for the second quarter late on Monday.