Bank of America has invested $2 billion into US mortgage lender Countrywide claiming their assets have been undervalued following recent volatility worldwide.
Bank of America's investment to help Countrywide shore up its finances is likely to boost the shares of financial companies and mortgage lenders, which have borne the brunt of recent credit market turmoil.
S&P 500 futures were up 11.30 points, Dow Jones industrial average futures gained 85 points, and Nasdaq 100 futures rose 12 points.
A private equity-led buyout of home-improvement retailer Home Depot's wholesale supply division, due to close today, could be in trouble, however, because investment banks involved are reluctant to fund the transaction even at a lower price, the Financial Times reported in its online edition.
The US Labor Department's weekly report on first-time claims for jobless benefits today, could provide further clues about whether the mortgage crisis is affecting the overall US economy.
The day's earnings calendar includes quarterly results from clothing retailers Gap, Aeropostale and Bebe Stores. The results will likely be watched closely, as investors have worried about the health of the consumer given recent market turbulence.