Greece has a deal, and futures are rallying.
Near 7:26 a.m. ET, Dow futures were up 112 points, S&P 500 futures were up 13 points, and Nasdaq futures were up 35 points.
On Friday, stocks also posted decent gains, and the Dow closed up 211 points (or 1.21%,) after the latest Greek proposal looked like it may lead to a deal over the weekend.
And now, we have an agreement. Business Insider’s Mike Bird has all the details here, but the gist is that Greece will accede to almost all of its euro creditors’ austerity demands in exchange for €86 billion ($US96 billion) in bailout funding. There’s been no writedown of Greece’s debt.
The deal still needs to be approved by Greece’s parliament by Wednesday.
European stock markets are also rallying on this news; the Euro Stoxx 50 opened firmly higher and rallied nearly 2%, and Germany’s DAX up more than 1%.
The monthly budget statement is due at 2:00 pm. ET. This week, we’ll get data on retail sales, producer prices, and housing starts. Federal Reserve chair Janet Yellen will deliver her semi-annual testimony to Congress on Wednesday and Thursday.
The big Wall Street banks and Google will report earnings this week.