Stocks ready to rebound

Futures gain ground as investors bet on more rate cuts from the Federal Reserve.

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LONDON(CNNMoney.com) -- Stock futures moved higher early Tuesday after the previous session's selloff as hopes for more Federal Reserve rate cuts helped improve the mood.

At 5:06 a.m. ET, Nasdaq and S&P futures were higher, with a comparison to fair value pointing to a positive open for Wall Street.

Stocks tumbled Monday as recession and credit fears shook investors. Financial stocks, including Bear Stearns (BSC, Fortune 500) and Lehman Brothers (LEH, Fortune 500), were particularly hard hit.

But the prospect of the Fed cutting rates at its meeting next week appeared to lift sentiment. In overseas markets, most Asian markets rebounded. European shares rose in early trading. To top of page

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