By Sweta Singh
Wall Street was set to open higher on Wednesday after Greek Prime Minister Alexis Tsipras signaled he was prepared to accept creditors’ bailout offer with some conditions.
Greece on Tuesday on a 1.6 billion euro repayment to the International Monetary Fund.
Tsipras has sent a letter to the creditors outlining conditions for Athens’ acceptance of a loan offer. Euro zone officials said some governments would find it hard to accept the conditions.
“Investors are taking a collective sigh of relief that an armageddon type of scenario did not occur with respect to Greece,” said Adam Sarhan, chief executive of Sarhan Capital.
“The markets are also rallying from deeply oversold level.”
U.S. private employers added 237,000 jobs in June, the biggest gain since December, suggesting further improvement in the jobs market.
The Institute for Supply Management will release its June manufacturing data at 10:00 a.m. ET. The data is expected to show an increase in manufacturing activity for the month.
Investors have been keeping a close eye on data for cues on when U.S. Federal Reserve will raise interest rates.
The Dow Jones Industrial Average .DJI has fallen 1.1 percent so far this year, while theS&P 500 .SPX has remained largely unchanged.
S&P 500 e-minis ESc1 were up 16.25 points, or 0.79 percent, with 270,800 contracts traded. Nasdaq 100 e-minis NQc1 were up 37.5 points, or 0.85 percent, on volume of 38,667 contracts. Dow e-minis 1YMc1 were up 160 points, or 0.91 percent, with 36,902 contracts changing hands.
Insurer Chubb’s (CB.N) shares jumped 33.3 percent to $126.89 in premarket trading after ACE (ACE.N) said it would buy Chubb for $28.3 billion in cash and stock. Ace was up 8.5 percent.
Greenbrier (GBX.N) fell 4 percent to $44.90 after the company reported a lower-than-expected quarterly profit, partly due to a decline in scrap metal prices.
Casino stocks were poised for a second straight day of gains following better-than-expected monthly gaming revenue in Macau.
Wynn Resorts (WYNN.O) and Las Vegas Sands (LVS.N) were both up about 3 percent. Melco Crown (MPEL.O) was up 4.4 percent.
By Sweta Singh