Despite the turmoil in Ukraine, Wall Street looked set to rebound on Tuesday, following the worst day for markets in a month.
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U.S. stock-index futures and shares in Europe pointed sharply higher, following reports that Russian President Vladimir Putin had ordered his troops to cease military exercises along the border with Ukraine and return to base.
Russian markets also rebounded, after sharp selling on Monday. Nonetheless, Moscow's forces remained in control of Ukraine's Crimea region, seized after Russian ally Viktor Yanukovich was ousted as Ukrainian president last month.
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The dollar edged lower against other currencies, and the yield on the 10-year Treasury note rose 4 basis points to 2.645 percent.
Crude futures fell $1.14, or 1.1 percent, to $103.78 a barrel; gold futures dropped $16.00, or 1.2 percent, to $1,334.30 an ounce.
U.S. Secretary of State John Kerry will visit Ukraine on Tuesday to propose ways for negotiations to take place between Russia and Ukraine.
"Of course it's not 'all over'. The economic fallout, notably in Russia, will be significant, and building political stability in the Ukraine remains a huge challenge. But financial markets are short-sighted animals, and everything is calmer," said Kit Juckes, head of foreign exchange strategy at Societe Generale, in a research note on Tuesday.
(View more: John Kerry heads to Ukraine)
No major economic data is expected in the U.S. on Tuesday, and the day will also be light on fourth-quarter earnings.
Companies posting numbers before Wall Street opens included AutoZone with shares of the auto-parts retailer rising 1.8 percent in early New York trade after in second-quarter profit.
"The economic data calendar is pretty light today but the ISM manufacturing report yesterday certainly offered hope that the economy may be stabilizing. Weather may still impact this week's jobs reports, but any improvement will offer hope and help support the dollar," said Derek Halpenny of Bank of Tokyo Mitsubishi in a note.
On Capitol Hill, the Senate Banking Committee has postponed a confirmation hearing for the nominations of Stanley Fischer, Jerome Powell and Lael Brainard to the Federal Reserve Board of Governors. The postponement was because of government office closures on Monday due to the snow storms. A new date has not yet been set.
—By CNBC's Katy Barnato