Stock futures are higher after Monday's chaos

Futures are gaining ground on Tuesday after stocks suffered the worst selloff of the year yesterday.

Near 8:40 a.m. ET, Dow futures were up 90 points, S&P 500 futures were up 13 points, and Nasdaq futures were up 22 points.

The Dow fell 350 points on Monday, and turned negative for the year with the S&P 500.

European markets also sold off sharply yesterday and are trading virtually unchanged on Tuesday.

And after sinking into a bear market on Monday, China's Shanghai Composite index rose 5%, or about 224 points. It's now well above the lows reached yesterday.

The latest on Greece is this morning is that finance minister Yanis Varoufakis has confirmed that the government will miss its payment of 1.6 billion euros to the IMF. Government officials had told the Wall Street Journal yesterday, but Varoufakis' comments today make it official.

US economic data due today are Case Shiller home prices at 9:00 a.m. ET, the Chicago Purchasing Manager Index at 9:45, and consumer confidence at 10:00.

Gold is down about $7 an ounce, near $1,172. West Texas Intermediate crude oil is slightly higher at around $58.61 a barrel, after falling more than 2% yesterday.