Futures are rallying

Markets are rallying on Friday morning after Greece submitted a new bailout plan to creditors last night.

Near 8:34 a.m. ET, Dow futures were up 192 points, S&P 500 futures were up 26 points, and Nasdaq futures were up 55 points.

Futures also rallied in after hours trading, after Greece handed in its plan, as investors saw the proposals as a step closer to a deal.

The euro is taking off. It rose about 1.5% against the dollar to as high as 1.1215.

The US dollar index slid overnight, and is down about 1%, around 95.62.

Screen Shot 2015 07 10 at 8.30.33 AMInvesting.comThe dollar index overnight

US treasuries are weaker this morning, and the yield on the benchmark 10-year note is up about six basis points, or 0.06 percentage point, near 2.37%.

Chinese stocks are having a second strong day, following several interventions by the government to stem the free fall in stocks. The Shanghai Composite Index rallied more than 6%, and Thursday was its best day since 2008.

Among other things, the government has students chanting praises for the market.

There’s no major economic data on tap today. But at 12:30 p.m. ET, Federal Reserve chair Janet Yellen will deliver a speech on the economic outlook. This comes two days after we got minutes of the June FOMC minutes, which showed that the Fed is ready to raise rates this year, and Greece is a concern.

Market participants will be looking out for more clues on the timing of rate hikes from Yellen’s speech.

At 1:00 p.m. ET, oil driller Baker Hughes will release the weekly count of US oil and gas rigs.

Last week, oil rigs climbed for the first time this year, and gas rigs climbed for a second straight week.

Crude oil prices are slightly higher this morning, after a more than 3% rally on Thursday. West Texas Intermediate crude oil was near $US53.13 on Friday morning in New York.

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