U.S. stock futures on Tuesday pointed to strong gains for Wall Street, with a turn higher in oil prices coming ahead of a fresh reading on the U.S. labor market. Investors will look for earnings from companies such as Botox maker Allergan PLC and dairy giant Dean Foods Co.
Dow Jones Industrial Average futures added 102 points, or 0.6%, to 17,748, and S&P 500 futures gained 11.95 points, or 0.6%, to 2,066.25. Nasdaq-100 futures rose 24.75 points, or 0.6%, to 4,360.50.
The energy sector may find higher ground as oil prices climbed, with supply outages from Canada to Nigeria were seen as easing a global oil glut. Brent crude prices shot up nearly 2%, above $44 a barrel. West Texas Intermediate picked up roughly 1%.
"Comments from the Aramco CEO (Amin Nasser) that oil demand globally will grow to 1.2 million barrels a day this year are keeping the prices higher for now, which is helping risk sentiment," said Brenda Kelly, head analyst at London Capital Group, in a note. Aramco is Saudi Arabia's state-owned oil producer.
Wall Street on Tuesday may also take its cue from gains overnight in Asia, where investors assessed "easing in producer price deflation, which has calmed some of the concerns we saw yesterday after the ... weak China trade data," said analysts at Accendo Markets.