Stock index futures rose on Monday, putting Wall Street on track to rebound after three days of losses, although investors remained cautious about Greece's fiscal future.
The country's parliament will begin to debate a deeply unpopular austerity plan that the European Union and International Monetary Fund say needs to be approved in exchange for the fifth tranche of Greece's 110 billion euros ($156.2 billion) bailout program. A Greek minister warned of catastrophe if the measure was blocked.
Traders see a Greek sovereign default as unlikely, and the S&P holding its 200-day moving average was viewed as a sign of technical support following two months of heavy selling that brought the index down about 7 percent.
Investors are betting that the plan will be passed, even if there's some craziness before we get there and it isn't tidy, said James Dailey, portfolio manager of TEAM Asset Strategy Fund in Harrisburg, Pennsylvania. We're oversold, and a lot of people are coming in trying to call a bottom.
Investors looked ahead to May's reading of the Chicago Fed Midwest manufacturing index, core PCE numbers and personal income, which is seen rising 0.4 percent, same as last month. All the data are due at 8:30 a.m. EDT and a strong manufacturing number could allay persistent fears about slowing global demand.
Companies scheduled to report quarterly results on Monday include Nike Inc
S&P 500 futures rose 3 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 24 points and Nasdaq 100 futures put on 7.75 points.
Tobacco giant Philip Morris International Inc
A new type of diabetes pill being developed by Bristol-Myers Squibb Co
Small-cap tech stocks could be the new value names following the annual adjustment to the Russell indexes Friday.
Wall Street dropped for a third day Friday on worries about the Italian banking sector and Greece's debt crisis, but the S&P held its 200-day moving average, a sign buyers continued to see value.
(Editing by Jeffrey Benkoe)