Stock futures are surging

It's a good morning in global stock markets.

US stock futures are powering higher ahead of the open, and European stock markets are firmly in the green.

Near 7:31 a.m. ET, Dow futures were up 120 points, S&P 500 futures were up 15 points, and Nasdaq futures were up 37 points. On Friday, stocks closed lower after the Nasdaq set an all-time closing record the previous day.

US treasuries are lower, with the benchmark 10-year yield up about six basis points, or 0.06 percentage points, at 2.33%.

It's all about Greece today, and European markets are surging on reports that Greece's new economic proposals may be solid enough to avoid a default.

Greece urgently needs about $8.2 billion to meet its due payment to the IMF on June 30.

In commodities, gold fell less than 1%, or nearly $9 an ounce, to around $1,193.20. It's now back below the key $1,200 level.

Economic data today is light. Existing home sales numbers cross at 10:00 a.m. ET.