By Ryan Vlastelica
NEW YORK (Reuters) - Stock index futures were higher on Tuesday, rebounding from Monday's late-day equities sell-off as investors continued to digest a bailout plan for Spanish banks.
* Trading was expected to be volatile throughout the session, with trading volumes light and Wall Street taking its cue from Europe. On Monday, the first trading day after the aid package was announced, shares rallied early in the session before steadily losing ground throughout the session, ending about 1 percent lower.
* While the plan did ease some concerns about the region, the June 17 election in Greece is still viewed as a major headwind that could result in the country leaving the euro zone. European shares <.FTEU3> were higher, led by defensive names.
* U.S. equities have been closely correlated to developments in Europe's financial crisis on concerns about how it might impact global growth prospects. In addition, there have been few domestic factors to serve as possible catalysts.
* Recent U.S. economic indicators, most notably the May payroll report, have pointed to anemic growth, while data from China has also been sluggish. The S&P 500 is down 7 percent in the second quarter.
* S&P 500 futures rose 6.7 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 76 points and Nasdaq 100 futures rose 14.5 points.
* Financial, material and energy shares are seen by analysts as continuing to be among the most volatile, with the three closely tied to the pace of economic growth and demand.
* Also influencing financials, JPMorgan Chase & Co
* According to a report in the Wall Street Journal, some JPMorgan executives and directors were alerted to risky practices by a team of London-based traders two years before botched bets cost the bank over $2 billion.
* Economic indicators on tap for Tuesday include May federal budget data.
(This story is refiled to fix typo in third paragraph)
(Editing by W Simon)
