U.S. stock index futures pointed to a higher open Tuesday as investors maintained hopes that central banks around the world would soon announce monetary easing measures to regain the economic growth momentum.
Futures on the Dow Jones Industrial Average were up 0.26 percent, those on the Standard & Poor’s 500 index were up 0.28 percent and the Nasdaq 100 index futures were up 0.26 percent.
There is not much to be expected on the data front. Investors are likely to focus on the minutes of the July meeting to be announced by the Federal Reserve Tuesday. Though there was no announcement of monetary easing at the meeting, market players will be watching it closely to find any indications of stimulus measures to be announced soon.
Market players will also keep a close watch on any news from Europe. The European Central Bank (ECB) President Mario Draghi's pledge last month to "do whatever it takes" to save the euro has yet to be translated into action. Investors believe that bold measures from the ECB, including easing in the monetary policy, are urgently needed to boost liquidity in the global financial system
On Monday, the U.S. markets closed flat as investors maintained a watchful mode waiting for policymakers to make some announcement to rejuvenate the world economy. The Dow Jones Industrial Average marginally dropped 0.03 percent, the S&P 500 Index was marginally down 0.01 percent and the Nasdaq Composite Index closed flat.
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Major European indices rose as investors were hopeful that the ECB would soon announce stimulus measures to rejuvenate the faltering economy of the euro zone. London’s FTSE 100 was up 17.37 points, Germany's DAX 30 Index rose 16 points and France's CAC 40 advanced 21.37 points.
Most of the Asian stocks also gained following global cues. Market participants are expecting announcements of stimulus measures by the central banks around the globe, especially the Fed and the ECB, to boost the respective economies.