US stock futures advance on global cues

US stock index futures are trading higher, tracking the positive action in European equities and recovery in oil.

At the time of writing, Dow futures were up 16 points. S&P 500 and Nasdaq futures were up 4 points and 6 points respectively. Across the pond, Stoxx 50 index was up more than 1%.

Dow Jones index is now back to the level last seen on December 17th before the Fed initiated its first rate hike.

Traders now await US data, which is expected to show factory orders fell 1.7% in February, after rising 1.6% the previous month.