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Futures Turn Mixed After Holiday Weekend

Futures wavered ahead of the open Tuesday as traders took a cautious stance after the long weekend, waiting to see if economic growth will return to the U.S. and whether concerns over Greek debt can be eased.

Investors are expected to react to S&P's statement that any rollover of Greek debt would be considered a default.

That statement once again unsettled investors, but since then, the Financial Times has reported that the European Central Bank will continue to accept Greek government bonds as collateral until all three rating agencies declare that Greece is in default.

Stocks closed sharply higher Friday to finish their best week almost two years.

The Commerce Department releases May factory orders data at 10 am ET. Economists in a Reuters survey expect a rise of 1.0 percent compared with a 1.2 percent drop in the prior month.

Later this week, the focus will shift to jobs, with key employment data out on Wednesday, Thursday and Friday.

Baidu and Microsoft gained following news the Chinese search-engine giant will team up with the Dow component for English-language search.

Pfizer was slightly lower after a study that said healthy, middle-aged smokers who take the pharma giant's popular quit-smoking drugs Chantix or Champix, have a higher risk of suffering heart attacksor other serious heart problems.

Shares of Novartis are also in focus following positive late-stage study results for its breast cancer drug Afinitor.

Regional banks such as M&T, PNC , Comerica and Fifth Third are among our stocks to watch, after Citigroup cut price targets on the lenders, citing earnings pressure from continued low interest rates.

On the M&A front, Southern Union jumped after Energy Transfer Partners increased its bid to buy the natural gas firm in a deal now valued at $8.9 billion.

European shares rosefor the seventh straight session.

On Tap This Week:

TUESDAY: Factory orders
WEDNESDAY: Weekly mortgage applications, Challenger job-cut report, ADP employment report, ISM non-mfg index, Obama townhall on economy, NYSE shareholders vote on DB merger
THURSDAY: Jobless claims, oil inventories, chain-store sales
FRIDAY: Non-farm payroll, wholesale trade, consumer credit

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