Stocks set to bounce back

NEW YORK (CNNMoney.com) -- Stocks were poised to rebound Wednesday, as investors awaited an economic recovery proposal from President Obama and braced for the first batch of data this week.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures turned slightly higher ahead of the opening bell after drifting lower earlier. Futures measure current index values against perceived future performance.

Stocks fell more than 1% Tuesday as worries that European banks are in worse shape than previously believed hurt shares of financial institutions. The retreat came after stocks rallied last week on improved economic news.

"The European bank situation is something that never really went away, and it's going to be a lingering issue until it's known what is really inside those financial institutions," said Mark Luschini, chief investment strategist at Janney Montgomery Scott.

So, while jitters about the health of European lenders persisted Wednesday, investors pushed some of these concerns to the backburner, turning their attention to the U.S. economy.

"While a subpar economic recovery remains intact, we'll probably drift higher through the week as people settle back in their seats from vacation and worries about a double-dip [recession] continue to be put on hold after last week's [better-than-expected] readings on manufacturing and jobs," said Luschini.

Economy: The Federal Reserve's Beige Book, a snapshot of economic conditions across the central bank's 12 districts, comes out later in the day.

A separate report from the Fed on consumer credit is also due. Economists expect consumer debt fell by $5.25 billion in July after a drop of $1.3 billion in June, according to consensus estimates from Briefing.com.

Obama: President Obama is expected to officially unveil three new proposals aimed at bolstering the shaky economic recovery in a speech in Cleveland.

They include an estimated $200 billion in tax breaks for businesses that invest in new plants and equipment; a $100 billion extension of the business tax credit for research and development; and $50 billion over the next decade to improve roads, rails and other infrastructure.

Congress is not expected to pass the proposals soon.

World markets: European shares gained in early trading. The CAC 40 in France rose 0.7%, the DAX in Germany added 0.4%, while Britain's FTSE 100 edged up 0.3%.

Asian markets ended sharply lower after the yen hit another 15-year high against the dollar. Japan's benchmark Nikkei index tumbled 2.2% and the Hang Seng in Hong Kong dropped 1.5%. The Shanghai Composite ended 0.1% lower.

Currencies and commodities: The dollar slipped against the Japanese yen after sinking to a fresh 15-year low earlier, and the greenback fell against the euro and the British pound.

Oil futures for October delivery dropped 24 cents to $73.85 a barrel.

Gold for December delivery gained $1.80 to $1,261.10 an ounce, approaching the intraday record of $1,266.50 set in June.

Bonds: The yield on the 10-year Treasury note rose to 2.63% from 2.6% late Tuesday.