U.S. stock index futures pared losses to point to flat to higher open as oil struggled for gains amid pressure from jittery Chinese markets.
Dow futures were off about 20 points after earlier falling more than 100 points.
Jeremy Klein, chief market strategist at FBN Securities, noted that European stocks, oil and some emerging market equities had come off session lows.
"Just coordinated buying all over the place," he said. "Futures are being dragged around."
U.S. crude attempted slight gains to trade around $36.80 a barrel, while Brent held a touch lower near $37.20 a barrel, as of 8:27 a.m., ET.
Overnight, Chinese stocks veered between gains and losses, following a sharp sell-off in the previous session after weak Chinese manufacturing surveys revived fears of a slowdown in the world's second-biggest economy.
On Tuesday, the Shanghai Composite eventually closed down 0.3 percent, while the smaller Shenzhen Composite ended 1.9 percent lower. The CSI300 closed up 0.3 percent on Tuesday, after a 7 percent dip on Monday resulted in trade being suspended. This was after China tested out its new system-wide circuit breakers, which are linked to the large-cap dominated index.
Monday was a rocky day for stock markets across the globe and the Dow Jones Industrial Average was no exception, closing down 1.6 percent. That marked the worst first trading day of the year since 2008.