U.S. stock index futures traded slightly higher on hopes that Greece will soon ink a deal clearing the way for a second bailout that will allow it to avoid default.

Greek Prime Minister Papademos will meet with party leaders backing his government to seek approval on reforms needed to win a $170 billion bailout and prevent a default.

One of the few major exchange-traded funds trading lower into midweek was the iShares Dow Jones Transportation Average Index Fund ETF (NYSE: IYT). IYT has traded lower for the past two days in a row after rallying to their highest levels since the summer of 2011.

Currency markets were holding steady in tight ranges in European trading as participants refrained from placing new bets without firm news of a political deal in Greece.

Germany's latest offer of five-year debt attracted solid demand at its latest auction as borrowing costs rose only slightly from recent record lows.