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US STOCKS-U.S. futures higher ahead of Greece summit
* Futures up: Dow 32 pts, S&P 4.75 pts, Nasdaq 4.5 pts
By Tanya Agrawal
July 7 (Reuters) - U.S. stock index futures rose on Tuesday ahead of a euro zone leaders summit at which Greece will bring a proposal in a last-ditch bid to secure an aid package to keep the country in the currency club.
* Greek lenders are down to their last few days of cash and the European Central Bank has tightened the noose on funding, putting pressure on Greek Prime Minister Alexis Tsipras to persuade the bloc's other 18 leaders to open negotiations fast. The summit begins at 1600 GMT in Brussels.
* It is unclear how much Tsipras' new proposal would differ from others rejected in the past. Failure to reach a deal would increase the likelihood of Greece leaving the single currency.
* U.S. stocks had closed lower in a volatile session on Monday as the Greece crisis continued to weigh and as China implemented emergency measures to stop a selloff in Shanghai's market.
* European stock markets steadied ahead of the summit, but Asian shares fell after further losses in China despite the emergency measures.
* In the United States, expectations that the economy was stronger in the second quarter is likely to be hit by data showing the trade gap widened to $42.6 billion in May from $40.9 billion in April. The data is due at 8:30 a.m. ET (1230 GMT).
* A stronger dollar has slowed foreign demand for U.S. goods, while imports have gone up. The dollar index was up 0.6 percent at $96.86, its highest level in a month.
* Advanced Micro Devices (NasdaqCM: AMD - news) shares slumped 13 percent to $2.15 premarket after the chipmaker cut its quarterly revenue forecast citing weaker-than-expected PC demand.
* Horizon Pharma (NasdaqGS: HZNP - news) was up 5.5 percent at $36.44 after it made a hostile bid to buy Depomed (NasdaqGS: DEPO - news) in a deal valued at about $3 billion. Depomed was unchanged at $20.64.
* Shake Shack (NYSE: SHAK - news) fell 3.4 percent to $57 after Morgan Stanley cut its rating on the stock to underweight according to theflyonthewall.com.
Futures snapshot at 7:26 a.m. EDT:
* S&P 500 e-minis were up 4.75 points, or 0.23 percent, with 176,961 contracts traded.
* Nasdaq 100 e-minis were up 4.5 points, or 0.1 percent, on volume of 23,766 contracts.
* Dow e-minis were up 32 points, or 0.18 percent, with 23,360 contracts changing hands. (Reporting by Tanya Agrawal; Editing by Savio D'Souza)
