Stock index futures rebounded in pre-market trading today after Eurozone leaders reportedly said early Monday that they would give Greece another three-year bailout of nearly $89 billion in rescue loans, the Wall Street Journal reported.
The EuroSummit decision was unanimous, President of the European Council, Donald Tusk tweeted earlier this morning.
EuroSummit has unanimously reached agreement. All ready to go for ESM programme for #Greece with serious reforms & financial support¿ Donald Tusk (@eucopresident) July 13, 2015
Dow futures were up 129 points, or about 0.73% in New York and S&P 500 E-mini futures were up 0.71%. Nasdaq 100 E-mini futures were higher by 0.88%. The euro fell 0.83% against the dollar.
Even with the Greek deal, The Street's Jim Cramer warned that the effects of a strong U.S. dollar and the threat of rate hikes still remain.
A little more enthusiasm for the deal.. But remember we now care about the super freakin strong dollar and rate hikes so no celebration.¿ Jim Cramer (@jimcramer) July 13, 2015
Today, we'll watch for details on the Greece deal and how it affects markets. China is also still in focus, even as Chinese markets showed some signs of life after shedding more than $3 trillion in value in less than a month. The directional plunge is notable, but the velocity of the move has been striking.
On Tuesday, we get started with earnings and we'll be watching Johnson & Johnson (JNJ), a stock Cramer owns for his charitable trust Action Alerts PLUS. With shares down nearly 5% for the year, Cramer thinks the stock is too cheap. Also on Tuesday, watch for reports from JPMorgan Chase, AAP holding Wells Fargo (WFC) and Yum! Brands (YUM). Cramer thinks the markets will be conservative with their assessment of the financials group, looking at net interest margins for the banks, which should remain poor. Yum! is levered to China, which bakes in all kinds of volatility.
On Wednesday, Bank of America (BAC), Netflix (NFLX) and Delta Airlines (DAL) report. Netflix looks as strong as ever on the back of multiple analysts' price target hikes last week and Delta could still benefit from the tailwinds of lower crude prices.
Thursday brings earnings from Google (GOOGL), another Action Alerts PLUS name, as well as Domino's Pizza (DPZ) and Schlumberger (SLB). Cramer remains a fan of both Google and Domino's.
On Friday, it's General Electric (GE) and Cramer fave and AAP holding Honeywell (HON). Cramer is still bullish on Honeywell.
Separately, the Barron's cover story looked at a new approach to bond investing, warning against locking in fixed income at current rate levels, as you'd essentially be securing a purchasing-power loss. And for a stock pick of the week, they featured AerCap Holdings (AER) as "a cheap way to play the global travel boom." The Amsterdam-based aircraft-leasing company trades at 8x earnings and shares could jump 35% as earnings beat estimates, Barron's said.
For even more information and analysis on data and reports in the week ahead, you can read this article from fellow Real Money contributors Chris Versace and Lenore Hawkins and reference The Street's weekly earnings calendar.