Equity futures are looking for a brighter open this morning after the European Central Bank said it would lend 171 banks a total of €131.9 billion for three months.

The pledge is, however, less than the €250-300 that economists were expecting.  

Ninety minutes before the opening bell, Dow futures are up 56 points to 9,853 and S&P 500 futures are up 6.25points to 1,041.50. 

The 2-year Treasury note yield is 2.4 basis points higher and the benchmark 10-year Treasury note yield is 2.9 basis points higher at 2.981%.

The August delivery Fannie Mae 4.0 MBS coupon is -0-06 at 100-30 and the August delivery Fannie Mae 4.5 MBS coupon is -0-05 at 103-09.

The rise among equities comes a day after the Dow shed 268 points, or 2.65% of its value, while the S&P 500 sunk 33.3 points, or 3.10%. The latter closed yesterday at its lowest level since Oct. 30. READ MORE. SEE CHARTS

But while the US market looks to rebound, the turmoil continued in Asia, according to economists at BMO Capital Markets.

“China’s CSI 300 fell for the 6th day in a row, with today’s 1.1% loss bringing the index to the lowest level since April 28, 2009, or 32% below the August 3, 2009 peak,” they wrote.

Key Events Today:

8:15 ― The ADP Private Employment Survey underwhelmed the market in May when it said just 55k private jobs were created in May. A few days later, it turned out that gain was too optimistic ― the official government report suggested only 41k jobs were created, in contrast to 158k in March and 218k in April. Reuters expects ADP to report 60,000 jobs were created in June.

9:45 ― The Chicago Business Barometer, which tracks the services and manufacturing sectors, was trimmed down to 59.7 from 63.8 in May, but as any reading above 50 reflects growth, the index was encouraging of broad growth. New orders and production were each strong at 62.7 and 61.0, respectively, but the employment index dropped to contractionary levels at 49.2 (sinking from 57.2). In June the index is expected to repeat its near-60 performance.

12:30 ― Dennis Lockhart, president of the Atlanta Federal Reserve, speaks on the economic outlook to the Rotary Club of Baton Rouge in Louisiana.