Investing.com - U.S. stock futures pointed to a higher open on Tuesday, as equities looked set to bounce back from the previous session's China-led selloff.
During early morning hours in New York, the blue-chip Dow futures rose 70 points, or 0.4%, the S&P 500 futures tacked on 9 points, or 0.46%, while the tech-heavy Nasdaq 100 futures advanced 16 points, or 0.34%.
The Shanghai Composite took investors on a roller coaster ride on Tuesday, plunging nearly 5% after the open, only to rebound into positive territory ahead of the midday break, and then drop again in afternoon trade to end down 1.7%, despite expectations for more government support.
Meanwhile, the Federal Reserve kicks off its two-day meeting later in the day, with a monetary policy statement due on Wednesday, as market players look for any fresh indications on when the central bank may start to hike interest rates.
Fed Chair Janet Yellen has said the central bank could raise rates as soon as September if the economy continues to improve as expected.
U.S. data is in focus. The Case-Shiller home-price index for May comes out at 9:00AM, followed by the Markit flash services purchasing-managers index for July at 9:45AM.
At 10:00AM, the U.S. is to release a report on consumer confidence for July, which is expected to show a drop of 1.4 points to 100.0 from 101.4 in June. Also at 10:00AM, the Richmond Fed business activity survey for July comes out.
In earnings news, Ford Motor Company (NYSE:F) shares rose 1.5% in pre-market trade after reporting stronger than expected second quarter earnings and revenue ahead of the opening bell.
BP (NYSE:BP) shares rose 2.3% despite reporting that it swung to a loss of $6.3 billion in the second quarter, due to lower oil prices and a $9.8 billion pretax charge related to its 2010 Gulf of Mexico spill.
On the downside, U.S.-listed shares of Chinese internet giant Baidu (NASDAQ:BIDU) plunged 11.3% on heavy volume after its quarterly earnings fell short of market expectations and it provided weak third-quarter guidance after Monday's closing bell.
After Tuesday’s close of trading, Twitter (NYSE:TWTR), Gilead Sciences (NASDAQ:GILD), Yelp (NYSE:YELP) and Panera Bread (NASDAQ:PNRA) are scheduled to report.
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