Nasdaq Futures Up 1%

Stocks are set to open higher for the second straight day as US markets continue to rebound from last week's sell off.

Dow futures are 70 points, S&P 500 futures are up 12 points, and Nasdaq futures are up 38 points, or about 1%.

US stock futures are also taking their lead from stocks in Europe, which are surging across the board after a report from Reuters said that the ECB is considering purchasing corporate bonds on the secondary market as early as December.

Earnings season is in full swing, as last night Apple reported third quarter results that topped expectations and iPhone sales came in better than expected. In pre-market trading, Apple shares were up as much as 3%, boosting the Nasdaq.

Also on the earnings front, McDonald's reported worse than expected sales, and shares of the fast food giant were down more than 1.5% in pre-market trading on Tuesday.

Coca-Cola shares were down as much as 5% after the soft drink maker said in its quarterly reported that it expects its long-term earnings per share growth target.

The company also announced new plans to boost profits with a goal to generate $3 billion in annualized savings by 2019.

The decline in Coke shares marks the third Warren Buffett holding that has struggled of late, adding to recent declines at IBM and UK grocer Tesco.

On the economic data front, existing home sales are set to release at 10:00 am ET, with expectations for sales to rise 1% month-over-month.