U.S. futures higher ahead of data, Fed jitters ease; Dow Jones up 0.32%

U.S. stock futures pointed to a higher open on Tuesday, ahead of the release of U.S. data as concerns that the Federal Reserve will soon scale back its stimulus program eased. 

Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.32% rise, S&P 500 futures signaled a 0.33% gain, while the Nasdaq 100 futures indicated a 0.42% increase. 

On Monday, Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis, said the central bank was committed to continuing its bond purchase program until the U.S. unemployment rate falls further.

Dallas Fed President Richard Fisher also downplayed market jitters over tapering as overdone.

Global stocks had weakened after Fed Chairman Ben Bernanke said last week that the bank could begin slowing asset purchases by the end this year if the economy continues to pick up. 

Tech stocks were expected to be active, after Microsoft and Oracle announced a tie-in to garner advantage against newer, web-based cloud computing companies. Microsoft shares were up 0.22% in pre-market trade, while Oracle climbed 0.46%. 

Aircraft manufacturer Boeing was also likely to be in focus, after the company said it posted orders for 232 aircraft in May, up from 51 the month before, marking an 85% seasonally adjusted month-on-month surge. 

Among Internet-related companies, Google shares gained 0.37% after hours, as an adviser to the European Union’s top court said the company can’t be forced to remove material from its search engine that was legally posted on other websites. 

Elsewhere, U.S. hospital operator Tenet Healthcare was slated to remain in the spotlight for the second consecutive session, after saying it will buy smaller rival Vanguard Health Systems for USD4.3 billion or USD21 per share including debt to expand into new locations. 

Other stocks likely to be in focus included Carnival, Lennar, Walgreen and Barnes & Noble, due to report quarterly results later in the day. 

Across the Atlantic, European stock markets were sharply higher. The EURO STOXX 50 jumped 1.34%, France’s CAC 40 surged 1.44%, Germany's DAX rallied 1.56%, while Britain's FTSE 100 advanced 0.90%. 

During the Asian trading session, Hong Kong's Hang Seng Index added 0.21%, while Japan’s Nikkei 225 Index dropped 0.72%. 

Later in the day, the U.S. was to release official data on durable goods orders and reports on home sales and consumer confidence.