Click chart for in-depth premarket data. LONDON (CNNMoney)
But falling oil prices and deflation in Europe are still weighing on investors' minds.
Here are five things you need to know before the opening bell rings in New York:
1. Oil falls, stocks hold steady: U.S. stock futures are pushing higher and global markets are mostly moving up after a few punishing days.
But keep an eye on oil prices: Crude futures in the U.S. keep shifting lower and are now trading near $47 per barrel. The price of crude has more than halved since June as rising supply outstripped faltering demand.
2. Deflation in Europe? Cheaper energy may tip Europe into deflation. Investors are keenly awaiting the first reading of eurozone inflation data for December, due at 5 a.m. ET. Some analysts expect the numbers to show that consumer prices fell for the first time since October 2009.
Falling prices could herald worse times to come for Europe's stagnant economy because they can encourage people and companies to hold off making purchases in the hopes of cheaper deals in the future.
A negative inflation number will raise pressure on the European Central Bank to launch quantitative easing. The euro is stuck at a nine-year low against the dollar.
Related: Fear & Greed Index
3. Stock market mover -- J.C. Penney: Shares in J.C. Penney (JCP) soared in extended trading after the company said its sales increased 3.7% during the holiday sales in November and December.
4. Expecting earnings and economic data: Monsanto (MON) is among the key companies reporting quarterly results before the opening bell.
On the economic front, ADP will release monthly U.S. employment numbers at 8:15 a.m. ET.
The minutes from the Fed's December meeting will be published at 2 p.m. ET.
Related: CNNMoney's Tech30
5. Tuesday market recap: Over the past trading day, the Dow Jones industrial average lost 130 points, while the S&P 500 slid 0.9% and the Nasdaq fell 1.3%.
First Published: January 7, 2015: 4:56 AM ET
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