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Wall street poised for bullish open on first trading day of 2017

U.S. stock index futures pointed to a higher open on Tuesday as traders eyed key data releases on the first trading day of 2017.

Dow futures were up more than 120 points, while S&P and Nasdaq futures had risen around 14 points and 35 points, respectively.

On the data front, Tuesday will see manufacturing PMI data released at 9:45 a.m ET followed by ISM manufacturing and construction spending which are both scheduled for 10 a.m ET.

There are no major earnings reports scheduled for Tuesday.

In Europe, the pan-European Stoxx-600 index was around 0.8 percent higher on Tuesday. In Asia, the Shanghai Composite in China closed 1.05 percent higher, while the Nikkei in Japan closed 0.16 percent lower.

In oil markets, Brent crude traded at around $58 a barrel on Tuesday, up 2.08 percent, while U.S. crude was around $54.91 a barrel, up 2.16 percent.

Oil prices appeared to be boosted by increasing optimism among investors that a deal between OPEC and non-OPEC members to cut production would drain global oversupply.