By Alexandra Gibbs, CNBC–

U.S. stock index futures turned positive ahead of Wednesday’s open, as markets tried to reclaim some footing after losing significant ground in the previous session.

Around 5:30 a.m. ET, Dow futures rose 121 points, indicating a positive open of 124.79 points. The Nasdaq and the S&P 500 futures also indicated solid gains at the start of their respective trading session.

The moves in pre-market trade came after Wall Street posted heavy losses during Tuesday’s session. U.S. stocks sank yesterday as trade tensions intensified, causing the Dow Jones industrial average to close down almost 300 points, having erased all of its gains for the year during the session. Other major domestic indexes also closed lower.

Looking to markets overseas, stocks tried for gains Wednesday following Tuesday’s turbulent session. Investors still remain on edge, however, as turbulence surrounding global trade rumbles on.

The gloomy mood across markets stems from Monday, when President Donald Trump requested the United States Trade Representative to identify $200 billion worth of Chinese goods for additional tariffs, at a rate of 10 percent.

These additional levies would be imposed on China if it refused “to change its practices” and continued with the new levies it declared on the U.S., Trump said.

The news, which comes hot on the heels of recent tariffs imposed by both nations last week, continued to rattle both China and investors. Following Trump’s statement, Beijing reacted by pledging to retaliate against the U.S., with its Commerce Ministry stating that the U.S. had initiated a “trade war that violates market laws and is not in accordance with current global development trends.”

The turmoil surrounding the U.S. isn’t just isolated to trade, however. Concerns over Washington’s policy of separating migrant children from their parents has also upped concern, while the U.S. announced Tuesday that it would withdraw itself from the United Nations’ Human Rights Council, citing alleged bias against Israel.

Aside from politics, crude futures will be at the forefront of investors’ attention as members of the oil cartel OPEC meet in Vienna, Austria this week. On Wednesday, oil prices were on the rise, boosted by a recent drop in U.S. commercial crude inventories, according to Reuters.

Coming up Wednesday, fresh data and earnings are due. At 7 a.m. ET, mortgage applications are scheduled, followed by U.S. international transactions accounts at 8:30 a.m. ET and existing home sales data at 10 a.m. ET.

In corporate news, WinnebagoWGO, MicronMU and American Outdoor BrandsAOBC are scheduled to publish their latest corporate earnings.

Central banking news will also be of key importance to investors. On Wednesday, U.S. Federal Reserve Chair Jerome Powell is set to participate in a panel discussion with other leading central bankers, including leaders from the European Central Bank (ECB) and Bank of Japan, at the 2018 ECB Forum on Central Banking in Sintra, Portugal.