Futures Pointing To Initial Rebound On Wall Street

(RTTNews) - Following the pullback seen in the previous session, stocks may move back to the upside in early trading on Tuesday. The major index futures are currently pointing to a moderately higher open for the markets, with the S&P 500 futures up by 0.3 percent.

Early buying interest may be generated in reaction to a rebound by Bitcoin, which is surging by more than 2 percent after falling sharply on Monday.

Tech stocks like Oracle (ORCL), Nvidia (NVDA) and Broadcom (AVGO) are also seeing notable pre-market strength.

Overall trading activity may be somewhat subdued, however, as traders look ahead to the release of some key U.S. economic data.

On Wednesday, payroll processor ADP is scheduled to release its report on private sector employment in the month of November.

Economists currently expect private sector employment to edge up by 10,000 jobs in November after rising by 42,000 jobs in October.

The data could impact the outlook for interest rates ahead of the Federal Reserve's monetary policy meeting next week.

CME Group's FedWatch Tool is currently indicating an 87.4 percent chance the Fed will cut rates by another quarter point, up from 63.0 percent a month ago.

Reports on service sector activity, personal income and spending and consumer sentiment may also attract attention in the coming days.

After coming under pressure early in the session, stocks staged a recovery attempt in mid-day trading on Monday but moved back to the downside as the day progressed. The major averages all finished the session firmly in negative territory.

The Dow slumped 427.09 points or 0.9 percent to 47,289.33, the Nasdaq fell 89.76 points or 0.4 percent to 23,275.92 and the S&P 500 slid 36.46 points or 0.5 percent to 6,812.63.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Tuesday. South Korea's Kospi surged by 1.9 percent, while Hong Kong's Hang Seng Index edged up by 0.2 percent and Japan's Nikkei 225 Index closed just above the unchanged line.

The major European markets have also moved to the upside on the day. While the German DAX Index is up by 0.4 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index are both up by 0.2 percent.

In commodities trading, crude oil futures are falling $0.21 to $59.11 a barrel after jumping $0.77 to $59.32 a barrel on Monday. Meanwhile, after climbing $19.90 to $4,274.80 an ounce in the previous session, gold futures are slumping $36.50 to $4,238.30 an ounce.

On the currency front, the U.S. dollar is trading at 156.03 yen compared to the 155.42 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is trading at $1.1613 compared to yesterday's $1.1610.