U.S. stock futures edged lower on Tuesday and the euro firmed as investors cautiously waited to see if Greece's conditional bailout agreement would bring that country's debt crisis to an end. The terms imposed by Athens' international lenders led by Germany in all-night talks at an emergency summit obliged Greece's leftwing Prime Minister Alexis Tsipras to abandon his pledge to end austerity. Tsipras will face a showdown with members of his own party later on Tuesday, over the agreement under which Greece can get a possible 86 billion euros ($95 billion) over three years if it can satisfy its European partners that it is meeting their conditions.
Asian stocks rose a fourth day amid relief over Greece’s debt deal, with the dollar extending gains as attention shifted back to the timeline for higher U.S. interest rates. Crude oil dropped on resurgent concerns over a glut. With concern easing on the Greek crisis, U.S. equity investors are retraining their focus toward economic data for clues as to the timeline for Federal Reserve monetary-policy tightening. Reports due this week include retail sales, industrial production, housing starts, and consumer sentiment. JPMorgan Chase & Co., Wells Fargo & Co. and Intel Corp. are among S&P 500 members slated to report results this week.
Oil prices dipped early on Tuesday as the market awaited an announcement on a nuclear deal between Iran and six global powers that could see an easing of sanctions against Tehran and a gradual increase of its oil exports. Sources present at the talks in Vienna, Austria, said that an announcement was likely to be made in the early hours of Tuesday.