U.S. stocks index futures on Tuesday indicated a bounce from Monday's sharp decline even as Greece looks set default on a 1.5 billion euro ($1.7 billion) loan from the International Monetary Fund.
Reports in the Greek media on Tuesday that Prime Minister Alexis Tsipras is considering the latest aid proposals from the European Union helped European stocks pare some losses and boosted stock futures during London trade.
However, German Chancellor Angela Merkel played down any hopes of a last-minute deal with Greece. She said in a Reuters report that she was not aware of any new offer from the European Commission president.
Equity index futures for the three main U.S. markets held higher, with Dow Jones industrial average futures up about 90 points.
A worsening crisis in Greece sent U.S. shares tumbling 2 percent on Monday with the Dow and S&P posting their worst losses for the year. Asian markets recovered some ground on Tuesday, with Japan's Nikkei closing 0.6 percent higher.
Not only does Tuesday bring the deadline for a major IMF loan repayment, but also marks the expiration of Greece's existing bailout terms. Greece has said it will hold a public referendum on Sunday on Greece's bailout program and austerity measures.
The failure to secure a cash-for-reforms deal with its international creditors, together with the implementation of drastic capital controls, has fueled concerns that Athens is lurching closer toward a sovereign debt default and possible exit from the euro zone.