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Futures Rally After Greece Approves Deal

U.S stock index futures were higher Monday, after Greek lawmakers approved the financial reforms needed to secure its latest bailout package from the IMF and the EU.

However, violence grew on the streets of Athens, showing that despite the approval by parliament the measures will be difficult to implement.

In the U.S., President Obama will submit his fiscal budget proposalfor 2013. It is expected to raise taxes for the wealthy and pledge investment in infrastructure projects to create jobs.

In company news, Apple launched a new legal attack on Samsung phones, targeting the latest model using the fast-growing Android operating system from Google.

Meanwhile, Google is expected to get approval from EU and U.S. competition regulators for its planned $12.5 billion acquisition of Motorola Mobility .

And News Corp is again rocked by scandal as employees of its flagship UK newspaper the Sun were arrested over the weekend in a probe involving allegations of bribery.

On the tech front, Benchmark cut its rating on the semiconductor sector to "market weight" from "overweight."

Meanwhile, FBR boosted its rating on Nvidia to "outperform" to "market perform" and raised its price target to $20 from $17.

And Bernstein raised its rating on AMD to "outperform" to "market perform" and upped its price target to $10 from $6.50.

There are no notable earnings today, but 63 percent of the 352 S&P 500 companies that have reported earnings so far have beat analyst expectations so far, according to Thomson Reuters. This week, 51 additional companies on the S&P 500 are scheduled to report results.

—Follow JeeYeon Park on Twitter: @JeeYeonParkCNBC

Coming Up This Week:

MONDAY: Obama outlines 2013 budget proposal
TUESDAY: NFIB small business optimism index, retail sales, import and export prices, Fed's Plosser speaks, business inventories, 13-F filings due; Earnings from Metlife
WEDNESDAY: MBA mortgage applications, Empire state mfg survey, treasury international capital, industrial production, Fed's Fisher speaks, housing market index, oil inventories, FOMC minutes, credit card default rates reported; Earnings from Comcast, Abercrombie & Fitch, Deere, CBS, Netapp, Nvidia
THURSDAY: Housing starts, jobless claims, PPI, Bernanke speaks at FDIC hearing, Philadelphia Fed survey; earnings from GM, Applied Materials, Baidu, Nordstrom
FRIDAY: CPI, leading indicators; Earnings from Campbell Soup, Heinz

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