NEW YORK -- Wall Street is poised for modest gains at the open. Futures are rising after the previous day's big declines when investors fretted over the deal to fix the euro crisis.
Dow futures are up 0.5 percent at 12,005, while the broader Standard & Poor's 500 futures are up 0.6 percent at 1,237.
Investors will assess U.S. retail sales figures for November to be released by the government before the markets open.
Optimism over last Friday's agreement by the 17 euro countries and nine others to adopt a new fiscal pact to prevent a repeat of the debt crisis evaporated Monday. Credit rating agencies Moody's and Fitch both said it was insufficient and would not materially address the crushing debt loads of some nations.
Moody's warned that it will review all EU governments' ratings for possible downgrades in early 2012 -- a threat that analysts said was particularly worrisome to France, a major contributor to the European Financial Stability Facility, Europe's emergency bailout fund. A downgrade of France's triple A rating could hurt its ability to fulfill its commitments to the fund.
Investors are also awaiting the next move from rival agency Standard & Poor's. Last week S&P warned that it could downgrade most of the eurozone economies, including Germany, if the deal failed to deliver.
The calmer tone in the markets is evident in the performance of the euro, which was trading 0.2 percent higher at $1.3195 after falling to a 10-week low Monday.
In Europe, Germany's DAX recouped some of Monday's lost ground, trading 0.9 percent higher at 5,839 while the CAC-40 rose 0.3 percent to 3,100. The FTSE 100 index of leading British shares rose 1 percent to 5,483.
In Asia, stocks took a battering following the previous day's retreats in Europe and the U.S.
Japan's Nikkei 225 fell 1.2 percent to close at 8,552.81 while South Korea's Kospi gave up 1.9 percent to 1,864.06 and Hong Kong's Hang Seng lost 0.7 percent to 18,447.17. On mainland China, the benchmark Shanghai Composite Index fell 1.9 percent to 2,248.59, its lowest in closing since March 2009. The Shenzhen Composite Index lost 3 percent to 921.32.
Oil prices tracked equities in Europe modestly higher ahead of OPEC's meeting in Vienna, Austria, which is expected to see production levels left unchanged -- benchmark oil for January delivery was up 60 cents to $98.37 per barrel in electronic trading on the New York Mercantile Exchange.