Futures gaining, pointing to trading rebound

NEW YORK (Reuters) - Stock futures rose on Tuesday, indicating stocks would open higher after a late sell-off in the previous session, as investors continued to digest a bailout plan for Spanish banks.

While the euro zone plan to lend Spain up to $125 billion did ease some concerns about the region's debt crisis, the June 17 election in Greece is still viewed as a major headwind that could result in that country leaving the euro currency.

"We'll be in a volatile holding pattern until the elections in Greece, and any headline during the day could really cause us to change direction," said Cort Gwon, chief strategist at HudsonView Capital Management in New York. "Sentiment changes very quickly these days, and it wouldn't surprise me if we saw another late sell-off."

Volatility was expected to persist, with trading volumes light. On Monday, the first trading day after the Spain aid package was announced, shares rallied early in the session before steadily losing ground, ending 1 percent lower.

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 the United States, recent U.S. economic indicators, 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.

Economic indicators on tap for Tuesday include May U.S. import prices, which are expected to drop 1.0 percent from April, according to a poll of economists by Reuters. The May U.S. federal budget is also due.

S&P 500 futures rose 5.2 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.

Michael Kors Holdings Ltd surged 12.5 percent to $42.97 in premarket trading after posting stronger fourth-quarter profit growth and giving a strong full-year outlook.

JPMorgan Chase & Co has hired an ex-Goldman Sachs energy trader to expand its customer flow business in Asia amid tightening regulation over proprietary trading, a source close to the matter said.

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.

(Editing by W Simon and Padraic Cassidy)

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