Stock Market Today: Futures Higher as Wall Street Cheers eBay

NEW YORK (TheStreet) -- U.S. stock index futures were pointing to a rebound on Wall Street Tuesday as investors awaited a fresh round of economic data including consumer confidence figures and cheered eBay's (EBAY) plan to split off its PayPal business into an independent publicly traded company.

Dow Jones Industrial Average futures were up 48 points, or 46.78 points above fair value. S&P 500 futures rose 5.5 points, or 5 points above fair value. Nasdaq futures increased 15.3 points, or 12.77 points over fair value.

Different factors appear to be driving this bull market higher vs. what was witnessed in previous years, said Bob Doll, chief equity strategist at Nuveen Asset Management. Last year, investors had a sense that risks were fading, which prompted them to move from asset classes like cash into equities, he said in a note.

"This year, we see that trend vanishing, suggesting markets will require stronger fundamentals, particularly solid earnings growth, to make additional gains," said Doll. "Fortunately, we think that improving economic growth should mean decent earnings should continue."

U.S. stock markets failed to pick up strength on Monday, settling in the red as the S&P 500 headed to a monthly decline, its first since March. Investors were struggling for direction as the Federal Reserve's monthly asset buying program is expected to officially end next month. 

European stocks were mainly in positive territory Tuesday, as investors betting on European Central Bank stimulus welcomed a decline in inflation and steady unemployment in the eurozone two days before the next ECB meeting in Frankfurt.

The U.S. economic docket on Tuesday includes the S&P/Case-Shiller 20-city home price index for July at 9 a.m. EDT, the Chicago PMI for September at 9:45 a.m., and the Conference Board's consumer confidence index for September at 10 a.m.

In top corporate headlines Tuesday,  eBay jumped 10.62% in premarket trading after announcing on Tuesday a plan in which its eBay marketplace business and PayPal business would be split into two separate public traded companies. eBay said it expects to complete the transaction by the middle of 2015.

CEO John Donahoe will step down as CEO once the separation is complete. Dan Schulman, the president of the enterprise growth group at American Express (AXP) , will be the new president at PayPal, effective immediately.

News Corp (NWSA) has agreed to buy online real estate business Move Inc. (MOVE) for about $950 million. Move soared 37.15%.

Apple (AAPL) said Tuesday the iPhone 6 and iPhone 6 Plus would go on sale in China on Oct. 17. Apple received approval from China's Ministry of Industry and Information Technology after it promised never to install "backdoors" to give other governments access to users' information. The stock was up 0.58% in premarket trading.

Ford (F) said Monday it expects a pretax profit of around $6 billion this year, down from its previous guidance of $7 billion to $8 billion.

Softbank's discussions to acquire DreamWorks Animation (DWA) have cooled, The Wall Street Journal reported, citing people familiar with the matter. DreamWorks tumbled 7.74%.

Morningstar downgraded Pimco Total Return Fund to "bronze" from "gold" following the departure of Bill Gross "because of the resulting uncertainty regarding outflows and the reshuffling of management responsibilities."

Supermarket chain Supervalu (SVU) said card data at its stores may be at risk in another hack.

The United States Oil Fund (USO) added 0.53% and the SPDR Gold Trust (GLD) fell 0.62%.

-- By Andrea Tse in New York

Follow @AndreaTTse

More from Markets

Pot Stocks Are Getting Crushed Along With the Rest of the Market

Pot Stocks Are Getting Crushed Along With the Rest of the Market

Nasdaq Drops Further Into Correction Territory While Dow Falls Nearly 400 Points

Nasdaq Drops Further Into Correction Territory While Dow Falls Nearly 400 Points

Splunk Goes Splunk, Salesforce and Twilio Tumble as Cloud Stocks Fall

Splunk Goes Splunk, Salesforce and Twilio Tumble as Cloud Stocks Fall

Monday Madness: Don't Be Afraid of the Big, Bad Bear

Monday Madness: Don't Be Afraid of the Big, Bad Bear

Striking Options: Volatility, Nasdaq, & Treasuries

Striking Options: Volatility, Nasdaq, & Treasuries