By CNBC–

U.S. stock futures traded higher on Tuesday following a sharp downturn in the previous session.

As of around 4:40 a.m. ET, Dow Jones Industrial Average futures rose 108 points, indicating a higher open of 112 points, while S&P 500 and Nasdaq futures were also in positive territory.

On Monday, equities dived with the Dow falling just over 600 points amid a confluence of worries including a sharp decline in Apple’s share price, U.S. dollar strength and simmering global trade tensions. Shares of Apple closed 5 percent lower on Monday after Lumentum, one of the tech giant’s facial recognition suppliers, cut its outlook and said it received a request from a large customer to “materially reduce shipments” of its 3-D sensing laser diodes.

As for trade, Bloomberg News on Monday reported that President Donald Trump intends to meet with his trade team on Tuesday to discuss a draft report on European auto tariffs.

In other political news, Trump on Monday urged election officials in Florida to end a recount and declare victory for his fellow Republicans in the disputed races in last week’s midterm elections. Meanwhile, Democrat Kyrsten Sinema declared victory in the closely contested Arizona race.

Separately, oil prices fell by around 1 percent Tuesday, with Brent crude slipping below the $70-per-barrel mark and U.S. West Texas Intermediate crude dropping below the $60 threshold. Trump on Monday said he hoped the Organization of Petroleum Exporting Countries (OPEC) would not cut oil production in order to lift prices.

Saudi Arabia’s Energy Minister Khalid al-Falih had said earlier that day that OPEC agreed there was a need to cut oil supply next year by around 1 million barrels per day (bpd) from October levels.

In earnings news, home improvement retailer Home Depot will report results before the bell Tuesday, while cannabis firm Tilray posts its financials after the bell.

On the data front, Federal budget data and senior loan officer survey figures are due at 2 p.m. ET.