(TheStreet) -- Stock futures were pointing to a higher open Tuesday, following the lead from buoyant European stocks after the People's Bank of China provided a liquidity boost to its commercial banks.
Futures for the S&P 500 were rising 7.15 over fair value to 1832.6 while futures for the Dow Jones Industrial Average were up 68.44 over fair value to 16,391.56. Nasdaq futures were 19.20 over fair value to 3603.3.
European and most Asian markets were higher Tuesday after the People's Bank of China said it would intervene in money markets to cool the "squeeze in interbank-lending lending/borrowing rates."
It's a busy day for earnings, with companies due to report including
International Business Machines
(IBM). In other earnings,
Johnson & Johnson
(JNJ) is expected to post earnings of $1.20 a share while
(TRV) is expected to report earnings of $2.16 a share.
The the Federal Reserve is expected to keep cutting its massive bond-buying program when it meets next week (Jan 28-29) amid its expectations for solid economic growth this year.
U.S. markets were closed Monday for Martin Luther King Day. The economic calendar is empty Tuesday, with investors looking to weekly jobless claims and existing home sales data later this week.
Germany's DAX was rising 0.40% to 9,754.37 while the U.K. FTSE was 0.10% higher at 6,843.80. The Nikkei closed up 0.99% while the Hang Seng was 0.45% higher.
-- By Jane Searle in New York