U.S. stock index futures pointed to a higher open on Wall Street on Tuesday, with futures for the S&P 500 up 0.28 percent, Dow Jones futures up 0.27 percent and Nasdaq 100 futures up 0.51 percent at 3:40 a.m. EST.

Investors were bracing for a flurry of macro data on Tuesday, including a final reading of third quarter gross domestic product, existing home sales for November and the Richmond Fed survey for December.

Oil edged up ahead of an OPEC meeting, with the firm dollar countering an expected fall in crude and distillate inventories in the United States along with the sustained strong demand in China.

Ford Motor Co said on Monday it is offering its 41,000 U.S. factory workers buyouts and early retirement offers in a bid to reduce its payroll costs as it aims to return to profit by 2011.

Take-Two Interactive Software Inc said it will sell its Jack of All Games distribution business to Synnex Corp for $43.3 million, and slashed its forecasts for fiscal 2010 as a result, sending its shares down 5 percent in after-hours trading.

The proposed merger of two live music powerhouses, Live Nation Inc and Ticketmaster Inc , was given a huge boost on Tuesday when a British regulatory body dropped its objections and approved the deal.

Japan's Nikkei average <.N225> rose 1.9 percent to reach a three-month closing high on Tuesday as a weaker yen lifted exporters, while Isuzu Motors <7202.T> jumped on a report that the truck maker wants to develop new diesel engines for General Motors . European stocks were up 0.6 percent in morning trade, led by oil and banks shares such as BP and Societe Generale .

U.S. stocks rose on Monday, with the Nasdaq hitting a 15-month high after brokerages upgraded two Dow components on improving profit prospects, while healthcare stocks rose after a bill to overhaul the U.S. healthcare system, which is perceived as less damaging to industry profits than expected, passed a crucial test in the U.S. Senate early Monday.

The Dow Jones industrial average <.DJI> shot up 85.25 points, or 0.83 percent, to end at 10,414.14. The Standard & Poor's 500 Index <.SPX> gained 11.58 points, or 1.05 percent, to 1,114.05. The Nasdaq Composite Index <.IXIC> rose 25.97 points, or 1.17 percent, to end at 2,237.66.

The S&P 500 is up 23.3 percent so far in 2009.

(Reporting by Blaise Robinson; Editing by Mike Nesbit)