Futures fall as oil prices slump after Iran deal

(Reuters) - U.S. stock index futures mostly fell on Tuesday as investor focus shifted from Greece to the U.S. earnings season and as oil prices took a beating on expectations of increased supply after an Iran nuclear deal.

* Iran and six world powers reached a deal under which sanctions imposed by the United States, European Union and United Nations would be lifted in exchange for curbs on Iran's nuclear program.

* Brent crude futures fell 1.85 percent to $56.77 a barrel, its lowest in over three months, while U.S. crude was trading down 2.01 percent at $51.16 per barrel.

* U.S. quarterly earnings kick off in earnest with big banks reporting this week. Bank earning are expected to benefit from a recent rise in long-term yields relative to short term yields.

* JPMorgan's shares rose 1.63 percent to $69.20 in premarket trading after the biggest U.S. bank by assets reported a 5.2 percent increase in quarterly profit as expenses declined.

* Wells Fargo and Dow component Johnson & Johnson are scheduled to report before the bell while Yum Brands will report after the close.

* Corporate earnings are expected to have fallen 2.9 percent in the second-quarter, according to Thomson Reuters estimates data.

* Micron jumped 12.1 percent to $19.75 after sources told Reuters that China's state-backed Tsinghua Unigroup is preparing a $23 billion bid for U.S. memory chip maker.

* Amazon rose 1.4 percent to $461.70 after UBS upgraded the company's stock to "buy" from "neutral".

* GoPro rose 3.6 percent to $54 after Barclays raised its rating on the action camera maker's stock to "overweight" from "equal weight".

* June retail sales data is expected at 8:30 a.m. ET. Economists expect sales to have risen just 0.2 percent in June after surging 1.2 percent in May.

(Editing by Savio D'Souza)

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