On June 26, stock index futures pointed to a slightly higher open on Wall Street, with futures for the S&P 500 up 0.18 percent, Dow Jones futures up 0.12 percent and Nasdaq 100 futures up 0.36 percent at 0715 GMT.

Halting a sharp three-session sell-off, European stocks edged higher on Tuesday although investors and traders remarked that any rally was likely to be of short-term in nature because of persistent worries over Europe's debt crisis.

European leaders are set for discussing specific steps towards a cross-border banking union, closer fiscal integration, and the likeliness of a debt redemption fund at a summit later this week though German Chancellor Angela Merkel has dashed hopes that Berlin would be permitting joint bonds issued by the euro zone.

On Tuesday, Brent crude held steady near $91 per barrel as short-covering and forecasts of a drop in U.S. oil inventories offset concerns that the European Summit this week may be unable of producing a clear action plan to tackle the region's debt crisis.

The Dow Jones industrial average .DJI dropped 137.97 points, or 1.09 percent, to 12,502.81. The Standard & Poor's 500 Index .SPX lost 21.30 points, or 1.60 percent, to 1,313.72. The Nasdaq Composite Index .IXIC declined 56.26 points, or 1.95 percent, to 2,836.16.