LONDON (ShareCast) - (ShareCast News) - US stock futures pointed to an open in the black on Monday, amid optimism over Greece's crisis and strong earnings reports.
The Dow Jones Industrial Average is expected to open up by approximately 25 points, while the S&P 500 and the Nasdaq are set to begin the first session of the week three and eight points higher respectively.

Greece banks reopen

European equity markets rose, with investors shifting their focus back to earnings as worries about Greece subsided, as the country's banks reopened after three weeks.

Meanwhile, Athens has reportedly begun paying back the €4.2bn it owes the European Central Bank, thanks to the €7.16bn bridge loan that was approved last week by the European Union

"With Greece set to make its debt payment to the ECB on Monday and accommodative monetary policy from the ECB for the foreseeable future, optimism is picking up in Europe again," said CMC Markets' analyst Jasper Lawler.

"US stocks are near record peaks but the direction of interest rates in the United States is higher according to Fed Chair Janet Yellen."

Earnings in focus

With no major economic reports out on Monday, investors will focus on the earnings season, with a number of big firms set to report.

Banking giants Morgan Stanley rose 3.86% in pre-market trading after its second quarter earnings and revenue beat expectations.

Oil and gas services provider Halliburton jumped 3.70% ahead of the bell after its second quarter earnings and revenue declined less than expected.

IBM will published its quarterly earnings after the close.

With Microsoft and Apple slated to report later this week, the earning season will play a key role in determining the path US equities will follow in the short-term future.

"The US reporting season looks to kick it up another gear this week with some of the bigger names all revealing their numbers within the first two days alone," said IG's analyst Alastair McCaig.

"Analytical expectations for this latest reporting season have been so low that the bar looks to have been set for limbo dancing rather than hurdling."

Gold tumbles

Elsewhere, Asian indices started the week on a mixed note due to a weaker commodities market, with gold slumping to a five-year low, losing 1.99% to $1,109.40.

The dollar was broadly flat against the euro and the yen but gained 0.23% against the pound, while oil prices slid, with West Texas Intermediate losing 0.32% to $50.73 a barrel, while Brent fell 0.78% to $56.66 a barrel.

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