Investing.com - U.S. stock futures reversed overnight losses to point to a modestly higher open on Tuesday, as sentiment rebounded one day after global equites plunged amid concerns over sluggish global growth.
During early morning hours in New York, the blue-chip Dow futures inched up 70 points, or 0.44%, the S&P 500 futures tacked on 11 points, or 0.59%, while the Nasdaq 100 futures rose 24 points, or 0.57%.
On Monday, Wall Street closed sharply lower, with the tech-heavy Nasdaq Composite slumping 3%, as pharmaceutical and biotech stocks plunged.
Meanwhile, the Dow lost 1.9%, while the S&P 500 tumbled 2.6% to end below the psychologically key level of 1,900 for the first time since August 26, as investors worried about the health of China's economy and its potential impact on the timing of a U.S. interest rate increase.
On the data front, the U.S. is to release a report on the goods trade balance for August at 8:30AM Eastern, followed by the Case-Shiller home-price index for July at 9:00AM ET.
At 10:00AM, data on consumer confidence for September is due, amid forecasts for a drop to 96.1 from 101.5 in August.
In Europe, equity markets erased earlier losses in volatile trade. Shares in mining-and-trading giant Glencore (LONDON:GLEN) rebounded by as much as 9% in early trade in London, after a number of brokers said worries about the firm's debt pile were overdone.
Glencore shares sank almost 30% to close at a record-low on Monday, as plunging commodity prices raised fears about the company's massive debt load.
Elsewhere, Japan's Nikkei sank 4% on Tuesday to close at an eight-month low, Hong Kong's Hang Seng tumbled 3% and China's Shanghai Composite Index fell 2.1%, as Asian markets tracked sharp losses on Wall Street on Monday.
Australian shares also saw a heavy bout of selling, as concerns over the health of China's economy and plunging commodity prices hurt investor sentiment.
In the commodities market, crude oil and copper futures pushed higher, one day after falling sharply due to fresh concerns over the health of China's economy.
U.S. crude was up 41 cents, or 0.91%, at $44.84 a barrel, while Brent added 44 cents, or 0.93%, to $47.78 a barrel. Meanwhile, copper tacked on 0.4 cents, or 0.2%, to $2.256 a pound.
Commodities tumbled on Monday after data showed profits earned by Chinese industrial companies in August fell 8.8% from a year earlier.