U.S. stock futures were higher on Tuesday, as oil prices continued to fall after plunging in the previous session.

Dow futures implied a positive open of more than 200 points. S&P 500 and Nasdaq futures both pointed to gains at the open as well.

The moves came as oil prices continued to sell-off. U.S. West Texas Intermediate crude for June delivery plunged almost 20% to $10.27 per barrel following a more than 24% decline on Monday. The international benchmark Brent crude futures contract also shed 4.4% to $19.07 per barrel.

Oil prices have come under pressure in recent weeks as concerns mount over declining storage capacity.

But a partial reopening of the economy — in Alaska, Georgia, South Carolina, Tennessee, Texas, and others — had earlier boosted investor sentiment, with certain U.S. businesses poised to benefit from the first wave of consumers emerging from the coronavirus driven quarantine. 

On Monday, the Dow Jones Industrial Average rose more than 350 points, closing above 24,000 for the first time since April 17. The S&P 500 and Nasdaq Composite always registered a gain, advancing 1.5% and 1.1%, respectively. Monday’s gains put the S&P 500 on pace for its biggest one-month gain since 1987 with an 11.4% surge in April. 

“The stock market is increasingly reflecting a restart in the economy as more and more states show a willingness to allow some economic activities to come back online,” Jim Paulsen, chief investment strategist at The Leuthold Group told CNBC. “Not only did the S&P 500 index post a healthy gain today but it was led by those segments of the marketplace which are most dependent on an economic restart including small caps, high beta stocks, and cyclical sectors like financials, materials, and industrials.” 

Stocks that would benefit the most from a reopening led the market higher on Monday. Retailers, one of the hardest-hit industries by the coronavirus, helped the broader market with Kohl’s, PVH, Nordstrom, Gap, and L Brands all surging more than 11%. Casino stocks and cruise lines also saw large gains. Disney was the biggest winner in the Dow, rising 4.8%. 

Bank stocks also got a boost from rising bond yields, as investors fled safer assets and moved into equities. JPMorgan rose 4.3%, Citigroup surged 8% and Wells Fargo gained 5.5%. Bank of America and Goldman Sachs rose 5.8% and 3.7%, respectively. 

While many investors are bullish on the first wave of reopenings, DoubleLine CEO Jeffrey Gundlach said Monday the market could retest its March low as market participants could be underestimating the social disruptions from the coronavirus.

“I think a retest of the low is very plausible,” Gundlach said on CNBC’s “Halftime Report.” “People don’t understand the magnitude of … the social unease at least that’s going to happen when … 26 million-plus people have lost their job,” the so-call bond king added. 

Investors are also digesting the busiest week of earnings season, with 145 S&P 500 companies reporting between Monday and Friday. A quarter of the way through earnings season companies have proved the coronavirus is weighing heavy on corporate profits.

Alphabet, Ford, and Starbucks all release quarterly earnings on Tuesday. PepsiCo, 3M, Caterpillar, Southwest Air, Merck & Co., Pfizer, UPS and Advanced Micro Devices are also slated to report. 

Consumer confidence will be released at 10 am E.T. on Tuesday. Economists polled by Dow Jones are expecting a read of 92 in April, down from March’s read of 120. 

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