MARKET SNAPSHOT: U.S. Stocks: Futures Make Inch Up, But Commodity Prices Back Under Pressure

By Barbara Kollmeyer, MarketWatch Auto makers due to report sales, oil, gold give up gains

MADRID (MarketWatch) -- U.S. stocks were pointing to a rebound on Tuesday, after a bruising prior session, but big pullbacks in commodity prices were casting a shadow over those gains.

Paring earlier gains, futures for the Dow Jones Industrial Average (DJZ4) rose 17 points to 17,772, while those for the S&P 500 index (SPZ4) added 1.3 points to 2,052.10. Futures for the Nasdaq-100 index (NDZ4) gained 7 points to 4,293.50. U.S. stocks were swept up in a wave of global selling on Monday, triggered by weak global data, and led by energy and retail sectors.

The S&P 500 (SPX) and Dow industrials (DJI) each suffered the biggest one-day losses since Oct. 22, dropping 0.7% and 0.3%, respectively. The Nasdaq Composite (RIXF) slid 1.3%, dragged by a volatile session for Apple Inc. ((AAPL).

Construction spending for October is coming at 10 a.m., while automobile sales for November are the only other piece of data on the calendar. Bigger data come at the week's end with jobless data.

Commodities volatile: Oil and precious metals were giving up gains earned in the prior session. After a 4%-plus rebound for oil prices on Monday January crude prices(CLF5) were down 1%. Opinion: OPEC cannot outlast the U.S. on oil prices

Gold prices also gave back some of Monday's rally, with February futures(GCG5) off 1.6% and the precious metal slipping just under $1,200 an ounce again. What silver's biggest move in two years means

Investment banks continued to roll out their predictions for 2015. Citigroup is forecasting the S&P 500 will return 8.5% by the end of 2015, for a level of 2,200, and sees outperformance for Japan and emerging-market stocks. That prediction is in line with that of Dan Greenhaus, strategist at BTIG, who said the main reason for his own muted expectations is the fact that the first hike by the Federal Reserve -- expected next year -- will be taken badly by stocks. Fed to stay aggressive in 2015 as it battles 'lowflation'

Stocks in focus:General Motors Co.(GM.XX) and Ford Motor Co.(F) are due to release sales figures for November. GM is expected to report that sales edged up 0.6% to 213,418 units last month from a year earlier, according to Edmunds.com. Ford is likely to see its sales down 1.4% to 186,984 units.

Shares of Cypress Semiconductor Corp.(CY) and Spansion Inc.(CODE) could be active after the companies announced a $4 billion stock merger late Monday. See Movers

Shares of Royal Caribbean Cruises Ltd.(RCL) were rising in premarket after being added to the S&P 500.

Overseas markets: The FTSE 100 index was eyeing its first win in four days as oil and mining stocks rose, and energy stocks were also driving gains for Europe , and rally action was also seen across Asia .

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