×

US stocks seen boosted by oil, gold, China rumors

Wall Street looked set for a higher open on Tuesday, after oil prices rose and Asian shares closed at multi-year highs.

Read MoreTrack US stock index futures

Comstock | Getty Images

U.S. and Brent crude oil, as well as gold, rallied overnight, following weeks of declines. This helped mining and commodity stocks post strong gains early on Tuesday, with an additional boost coming from reports that the Chinese central bank might cut bank reserve requirements.

Reuters reported early on Tuesday that the People's Bank of China might unveil a cut to banks' reserve requirements on the back of recent weak economic data. China mainland shares closed at a fresh three-year peak, resuming their gains after snapping a seven-session winning streak on Monday. Official factory activity data earlier this week fell to an eight-month low, prompting talk of further stimulus.

In the U.S. on Monday, New York Federal Reserve President William Dudley said falling oil prices would boost income growth in the U.S. This echoed words from International Monetary Fund Managing Director Christine Lagarde, who said on Monday that lower energy prices would help accelerate economic growth to 3.5 percent next year, according to the Wall Street Journal.

Vote
Vote to see results
Total Votes:

Not a Scientific Survey. Results may not total 100% due to rounding.

No major earnings are due on Tuesday. Economic data out include construction spending for October, which is expected to increase.

Apple's trial for alleged abuse of its monopoly position in the digital music player market will open on Tuesday in Oakland, California.