U.S. stock futures on Wednesday pointed to a modestly higher open, getting a lift from a rally in oil prices and putting the Dow industrials on track for some stability after a 134-point drop.
During Tuesday's slide, it became clear the selloff "is likely more of a significant trading correction following a major rally than the start of a new downtrend, for a number of reasons," said Colin Cieszynski, chief market strategist at CMC Markets, in a note.
The reasons include oil futures managing to rebound during Tuesday's session, and gains for gold fading, Cieszynski said.