US Stock Futures Point To Higher Opening Tuesday

Futures on major U.S. indices point to a higher opening Tuesday ahead of the report on the Consumer Confidence for May.

Futures on the S&P 500 are up 0.80 percent, futures on the Dow Jones Industrial Average are up 0.85 percent and Nasdaq 100 futures are up 0.98 percent.

Investors are likely to focus on the Consumer Confidence Index to be reported later Tuesday. The Conference Board Consumer Confidence Index is a leading indicator as it can predict consumer spending, a vital driver of overall economic activity. Higher readings of this index point to higher consumer optimism. Though the May consumer sentiment index rose, other weekly consumer surveys have deteriorated during the month. Payroll growth has slowed of late despite declines in the unemployment rate.

U.S. markets were closed Monday for Memorial Day. On Friday, the U.S. markets were down as concerns about the European debt crisis increased after Bankia, Spain's fourth-largest bank, asked for 19 billion euro ($23.8 billion) capital injection. The Dow Jones Industrial Average fell 0.60 percent, the S&P 500 Index declined 0.20 percent and the Nasdaq Composite Index slumped 0.10 percent.

All major European indices were in the green Tuesday following the expectation that consumer confidence has increased in the U.S., even though concerns about euro zone debt persisted. London's FTSE 100 index was up by 28.09 points, Germany's DAX rose by 52.49 points, and France's CAC 40 climbed by 8.06 points.

Asian markets rose Tuesday as expectations that China would take measures to lift its economic growth overpowered euro zone concerns. Market sentiments were positive as expectations increased that China would take urgent steps to regain growth momentum.