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Dow futures spike after huge selloff

U.S. stock index futures pointed to a sharply higher open on Tuesday, recovering from the plunge seen in global stocks on Monday as mayhem in Chinese markets and interest rate fears dominated markets.

Dow futures rose 500 points in premarket trading, implying a 366 point bounce at the open and shrugging off deeper selling in China. Equity markets in China fell further in the final hour of trading on Tuesday, with the Shanghai Composite settling below the key 3,000 mark, to end the day down 7.6 percent.

Japan's Nikkei 225 index was the second-biggest laggard in the region, closing down 4 percent, after turning negative in the afternoon trading session Tuesday.

European equities bucked the weakness seen in Asia, and were trading firmly in the green in early deals. The pan-European Stoxx 600 rallied 2.8 percent, with French, German and U.K. stocks all up around 1.5 percent. Basic resources stocks were the...