Futures were sharply higher Monday, tracking gains in Europe where investors were encouraged by German and French promises to unveil new measures to combat the debt crisisin the region by the end of the month.
Over the weekend, German Chancellor Angela Merkel and French President Nicolas Sarkozy promised to present a plan before a G20 summit early next month to shore up euro zone banks, settle the Greek debt crisis and help growth in Europe.
Banks are once again in focus after the board of Franco-Belgian bank Dexia agreed to the nationalization of its Belgian banking divisionand secured state guarantees after the bank—which has been significantly exposed to Greek debt—ran into liquidity trouble. Shares plunged almost 20 percent after they resumed trading.
The rescue could pressure other euro zone governments to strengthen their banking sectors.
On the tech front, Apple has received orders for more than one million iPhone 4S phones within the first 24 hours, beating its previous record of 600,000 for the iPhone 4. Apple unveiled the latest model a day before the death of its co-founder Steve Jobs.
Meanwhile, Sprint declined after several firms downgraded their ratings and price targets on the wireless carrier over worries on the firm's strategy and financial stability.
Netflix soared after the movie-streaming firm said it will abandon a proposal to separate its streaming and DVD businesses.