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Stock Futures Up as Best Buy, J.C. Penney Pop

Tickers in this article: BBY HD JCP URBN ^DJI ^GSPC ^IXIC

NEW YORK ( TheStreet) -- U.S. stock futures were turning higher Tuesday despite the drop in global stocks. Treasuries stabilized after a deep selloff in the prior session and a number of upbeat retail earnings reports helped boost sentiment in the face of ongoing anxieties about a possible early Federal Reserve tapering.

Futures for the S&P 500 were rising 4 points, or 5.49 points above fair value, to 1,649. Futures for the Dow Jones Industrial Average were gaining 31 points, or 51.26 points above fair value, to 15,033. Futures for the Nasdaq were up 8.75 points, or 10.64 points above fair value, to 3,079.25.

Best Buy was popping 11.55% to $34.28 in premarket trading after the consumer electronics retailer exceeded second-quarter earnings estimates by 20 cents at 32 cents a share as well as topped revenue estimates amid ongoing cost-cutting efforts.

J.C. Penney was adding on 3.25% to $13.64 even after the Plano, Texas-based company reported a wider-than-expected second-quarter loss, as there are signs that perhaps the struggling department store chain is finally starting to turn things around.

Urban Outfitters was jumping 9.29% to $43.63 after the teen apparel retailer beat second-quarter earnings estimates by three cents at 51 cents a share as same-store sales improved by 9% despite the challenging retail environment.

Home Depot was rising 2.85% to $77.35 after the largest U.S. home-improvement retailer reported better-than-expected second-quarter results and hiked its full-year guidance on improvements in the U.S. housing market outlook. The company's full-year earnings expectations have improved to $3.60 a share on a sales increase of approximately 4.5% from previous guidance of earnings of $3.52 a share on a 2.8% rise in sales.

"Following the slightly more dovish-than-expected July FOMC statement, we will read the minutes with an eye toward any clues on the likelihood of near-term tapering and potential changes to the forward guidance," Jan Hatzius, Goldman Sachs' chief economist in New York, said in a note. "Further emphasis on cumulative progress would suggest additional momentum behind September tapering."

No major U.S. economic releases were expected Tuesday. The FOMC minutes are out Wednesday. The Kansas City Fed's annual Jackson Hole Economic Symposium begins on Thursday.

The benchmark 10-year Treasury was rising 11/32, diluting the yield to 2.842% and taking a breather after steep selloffs during the prior sessions. The dollar was down 0.24% to $81.03 according to the U.S. dollar index .

Overseas markets sank as investors braced for Fed stimulus tapering in the fall. The FTSE 100 in London was falling 0.5%, while the DAX in Germany was slumping 0.84%.The Hong Kong Hang Seng settled down 2.2% and the Nikkei 225 in Japan finished off 2.63%.

December gold futures were rising $1.30 to $1,367 an ounce and October crude oil futures were falling 43 cents to $106.43 a barrel.