NEW YORK (TheStreet) -- Stock futures changed direction shortly before Monday's open despite news anti-austerity party Syriza had won the general election in Greece. Earlier, the win ignited fears the new government could compromise the terms of Greece's bailout package, possibly leading Greece's exit from the eurozone.
S&P 500 futures were up 0.07%, Dow Jones Industrial Average futures added 0.05%, and Nasdaq futures gained 0.23%.
Athens' ATG stock index was down 2%. Shortly after the far-left Syriza's win on Sunday, party leader Alexis Tsipras broached a partnership with the right-wing Independent Greeks to form a majority coalition. Both parties have expressed animosity toward the austerity measures imposed as part of bailouts from the European Union and International Monetary Fund. Since 2010, the organizations have loaned Greece 240 billion euros ($277.8 billion).
The euro suffered a volatile start to the week, dropping to a fresh 11-year low of $1.1098, before recovering 0.6% to $1.12 against the U.S. dollar.
Other European markets were mixed on the news. France's CAC 40 climbed 0.35%, Germany's DAX added 0.93%, and London's FTSE fell 0.05%.
The eurozone's economy was looking better after Germany's monthly Ifo business climate index rose to a six-month high of 106.7 in January.
Crude oil prices bounced back from an earlier selloff after Saudi Arabia's successor reiterated the country's commitment to previous oil production policies. The biggest OPEC producer has been under pressure to limit output in the face of global oversupply.
West Texas Intermediate recovered from a loss of more than 1%, gaining 0.61% to $45.87 a barrel.
IBM (IBM) - Get Report shares were 1.1% higher in premarket trading on rumors the tech company is undergoing a massive restructuring. Though as yet unsubstantiated, Forbes reported the company is set to lay off more than 110,000 jobs, or more than a quarter of its work force.
--Written by Keris Alison Lahiff in New York.