U.S. stock index futures climbed Tuesday after euro zone leaders ratified the terms of a bailout agreement for Spain’s banking sector and as traders speculated that Germany's top court would approve the EU's permanent bailout fund.
Spain was given an extra year to meet a 3 percent budget deficit target. In addition, euro zone finance ministers agreed that its banking sector will be able to access up to 30 billion euros ($36.9 billion) in funding by the end of the month, while the final figure of the bailout , which could yet push the 100 billion euro limit agreed, should be known on or around July 20.
Germany's top court will consider whether Europe's new bailout scheme and budget rules are compatible with national law in a process influencing not just how to tackle the euro zone debt crisis, but how much deeper European integration can go.
A delay could fuel further turbulence in financial markets.
On the earnings front, Alcoa was slightly higher after the aluminum producer's quarterly revenue and profit edged past Wall Street expectations , even though prices for its aluminum are at nearly two-year lows. The company also expects growing demand in the aerospace and auto sectors. Meanwhile, at least two brokerages cut their price target on the Dow component.Page 1 of 4 | Next Page