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U.S. stocks set to bounce back as investors shrug off oil slide

U.S. stocks were set for an upbeat trading day Tuesday as investors shook off another steep slide in oil prices and instead looked ahead to Federal Reserve Chairwoman Janet Yellen’s speech at Jackson Hole.

An update on manufacturing activity and new-home sales data due Tuesday morning were also in the spotlight.

Futures for the Dow Jones Industrial Average YMU6, +0.24% gained 48 points, or 0.3%, to 18,566, while those for the S&P 500 index ESU6, +0.22% added 5.60 points, or 0.6%, to 2,187. Futures for the Nasdaq-100 index NQU6, +0.26% climbed 13.25 points, or 0.3%, to 4,825.

The implied gains follow lackluster action on Monday, when the mood turned cautious as oil prices tumbled. Hopes faded that members of the Organization of the Petroleum Exporting Countries will agree on a production freeze deal next month.

Investors also were playing a waiting game ahead of a retreat of Fed central bankers and economists at Jackson Hole, Wyo., on Friday, where Yellen will be watched for hints about U.S. monetary policy.

“We could continue to see an element of caution in the markets in the lead...