Stock index futures pointed to a nearly 1 percent gain at the open on Tuesday as rising commodity prices fueled hopes the economy is strengthening, while a brokerage upgrade boosted General Electric.
Kraft Foods Inc
Natural resource shares could see a boost as the price of spot gold rose above $1,000 an ounce to its highest level since March 2008 on a wave of technical momentum and dollar weakness.
Energy shares could benefit as oil futures jumped 2.7 percent to nearly $70 a barrel ahead of an OPEC meeting.
Commodities are again becoming a barometer for the market, said Andre Bakhos, president of Princeton Financial Group in Princeton, New Jersey.
Strong commodities suggest a healthy economy, and therefore stocks will follow.
Shares of General Electric Co gained 4 percent to $14.43 premarket after J.P. Morgan Securities upgraded the stock to overweight from neutral, saying it was one of the last stocks for which a little good news could still go a long way.
S&P 500 futures rose 11.30 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 92 points, and Nasdaq 100 futures climbed 15.75 points.
Shares of iPod maker Apple Inc
Asian markets rose, with China's benchmark Shanghai Composite <.SSEC> closing 1.7 percent higher after a senior official said China's economy is seeing more signs of economic strength. U.S. markets have taken a cue from Chinese stocks after a recent correction in Shanghai stocks raised concerns a selloff could spill over to Wall Street.
U.S. stocks closed higher on Friday as investors focused on the bright side of a mixed payrolls report that showed smaller-than-expected job cuts in August, although the unemployment rate hit a 26-year high. U.S. markets were closed on Monday for the U.S. Labor Day holiday.
(Reporting by Leah Schnurr; editing by Jeffrey Benkoe)