Stocks, which ended Monday on a glum note following tensions in Ukraine’s Crimean peninsula, looked set to rebound after news emerged Tuesday that Russia reportedly called back troops conducting military exercises on the border.

Futures on the Dow Jones Industrial Average were up 0.74 percent while futures on the S&P 500 were up 0.71 percent and those on the Nasdaq were up 0.74 percent. On Monday, the Dow fell 0.94 percent while the S&P 500 dropped 0.74 percent and the Nasdaq fell 0.72 percent.

Mood was upbeat in European markets as well where the Stoxx Europe 600 index was trading up 1.11 percent and the FTSE 100 was also up 1.11 percent. Germany’s DAX-30 rose 1.02 percent while France's CAC-40 was trading up 1.38 percent.

In Asia, stocks were mixed, with Japan’s Nikkei-225 rising 0.47 percent and Australia’s S&P/ASX 200 was up 0.3 percent. Hong Kong’s Hang Seng was up 0.7 percent while the Shanghai Composite was down 0.18 percent. South Korea’s Kospi was down 0.54 percent while India’s BSE Sensex rose 1.26 percent.