Rebound seen for stocks

NEW YORK (CNNMoney.com) -- U.S. stocks were pointed to a higher open Wednesday, rebounding from a late sell-off in the previous session, as investors await auto sales and employment reports.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were higher.

Futures measure current index values against perceived future performance.

On Tuesday, stocks ended sharply lower, with most of the decline coming in the final hour of trading.

"People are trying to sort through a barrage of information, and we seem to swing from overly optimistic to rampant pessimism," said Bruce McCain, chief market strategist at Key Private Bank in Cleveland.

Stocks will have a difficult time sustaining gains over the medium term, McCain said, as the market seems to be stuck in a "normal corrective process" after 2009's runup.

Economy: May auto and truck sales are due throughout the day. Industry analysts expect auto sales rose to an annual rate of 4.1 million units from 3.9 million in April. Truck sales are expected to have eased slightly.

Outplacement firm Challenger, Gray and Christmas will report on planned job cuts in May before the market opens. A report from the Labor Department on metro area unemployment rates in April is due after the opening bell.

The pending home sales index for April, a measure of sales contracts for existing homes, is expected to have risen 4.3% after climbing 5.3% in March, according to economists surveyed by Briefing.com. The report from the National Association of Realtors is due at 8:30 a.m. ET.

Companies: The Financial Crisis Inquiry Commission will hold the latest in a series of hearings on the role of ratings agencies in the market collapse of 2008-2009. Warren Buffett, a widely respected investor and chief executive of Berkshire Hathaway (BRKA, Fortune 500), will testify. Several representatives of ratings agency Moody's (MCO) will also be there.

Separately,Apple (AAPL, Fortune 500) co-founder and chief executive Steve Jobs will appear at the Wall Street Journal's D: All Things Digital conference in Palos Verdes, Calif.

World markets: In Asia, Japan's Nikkei index slid 1.1% after the nation's prime minister resigned. Hong Kong's Hang Seng index edged lower.

European markets were down in morning trade. London's FTSE 100 and Paris' CAC 40 slipped 1.1%, while Frankfurt's DAX was off by 0.9%.

Dollar and commodities: The euro rose slightly against the dollar to $1.223, easing off the four-year low touched the day before.

The dollar was also down against the British pound, but it rose 1.2% versus the Japanese yen.

U.S. light crude oil for July delivery pulled back 49 cents to $72.09 a barrel.

COMEX gold's August contract dropped $2.40 to $1,224.50 per ounce.

Bonds: Treasury prices were lower, pushing the benchmark 10-year note's up to 3.28% from 3.26% late Tuesday. Bond prices and yields move in opposite directions.