U.S. stock market futures pointed toward a higher open for Wall Street Tuesday, as investors placed hoped that the U.S. Federal Reserve would perhaps announce another round of monetary easing.

The Fed is scheduled to meet Tuesday, but gave no indication of action or forthcoming statements it might make.

Still, after the Dow shed 634 points, or 5.5 percent, in trading Monday, with similar losses on the Nasdaq and the S&P 500, moving the major indexes into bear market territory, hope that the Fed will provide some easing to steady the markets was enough to send futures higher before the market open.

S&P futures rose 12 points, while Nasdaq futures rose 11.2 points preceding the expected Fed policy statement at 2:15 p.m. ET Tuesday.

Monday, global markets were in a free-fall over fears about the ability of the U.S. and European leaders to address their problems of rising debt and slowing growth.

Recent revisions to the U.S. GDP revealed that the nation's economy barely grew at all in the first quarter, and unemployment has remained above nine percent two years after the recession.

European shares fell broadly Tuesday, as five percent was shed from Germany's DAX, while the UK's FTSE 100 Index fell below 5,000 for the first time since July 2008.

Global banks stocks remain under pressure, after U.S.-based Bank of America dropped 20 percent on Monday, to $6.51. Reports suggested the bank may have to raise capital to cover mortgage related losses in its Countrywide business.

Still, U.S. futures rose Tuesday morning, on hope the Fed might be a short of white knight with words or actions to calm fears.