* Monday's decline was S&P 500's biggest since November
* McGraw-Hill shares pressured, DOJ plans suit against S&P
* ISM non-manufacturing data on tap, seen slightly lower
* U.S. shares of BP Plc up in premarket after results
* Futures up: Dow 69 pts, S&P 7.2 pts, Nasdaq 11.5 pts
By Ryan Vlastelica
NEW YORK, Feb 5 (Reuters) - U.S. stock index futures
advanced on Tuesday retracing ground lost the prior day,
indicating that Wall Street would rebound off its worst daily
session since November.
Major averages dropped about 1 percent on Monday, pressured
by renewed worries over the euro zone's sovereign debt crisis.
While the day's decline pushed the S&P 500 into negative
territory for February, equities have been strong performers of
late, and the benchmark index is up 4.9 percent for 2013.
Wall Street has advanced on strong fourth-quarter earnings
and signs of improved economic growth, suggesting the market's
longer-term trend remains higher.
"Markets may have been slightly ahead of themselves, but
investors recognize that earnings and data are both more
positive than we previously thought, so no one should worry that
yesterday was the start of anything bigger," said Oliver Purshe,
president of Gary Goldberg Financial Services in Suffern, New
Archer Daniels Midland, Walt Disney Co and
Kellogg Co are among the companies on tap to report on
Tuesday. According to Thomson Reuters data, of the 256 S&P 500
companies that have reported earnings thus far, 68.4 percent
have beaten profit expectations, compared with the 62 percent
average since 1994 and the 65 percent average over the past four
Fourth-quarter earnings for S&P 500 companies are expected
to rise 4.4 percent, according to the data. That estimate is
above the 1.9 percent forecast at the start of earnings season,
but well below the 9.9 percent forecast on Oct. 1.
S&P 500 futures rose 7.2 points and were above fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures added 69
points and Nasdaq 100 futures rose 11.5 points.
At current levels, the S&P is about 5.4 percent away from
its all-time intraday high of 1,576.09, reached in October 2011.
Investors will also be looking to the Institute for Supply
Management's January non-manufacturing index, due at 10 a.m.
(1500 GMT). Economists forecast a reading of 55.2, versus 55.7
Last week, the ISM's manufacturing index for January showed
the pace of growth in manufacturing picked up to its highest
level in nine months.
In company news, McGraw-Hill will be in focus a day
after news the U.S. Justice Department plans to sue the
company's Standard & Poor's unit over its mortgage bond ratings.
The action would mark the first such federal action against a
credit rating agency related to the recent financial crisis.
The stock plummeted almost 14 percent in Monday's session,
its worst daily losses since the October 1987 market crash.
U.S. shares of BP Plc rose 1.9 percent to $44.49
before the bell after the company reported earnings that beat
expectations and said underlying financial momentum would be
"strongly evident" by 2014.
Dell Inc may also be volatile as the company moved
closer to a nearly $24 billion buyout deal to take the company
private. The stock rose 1.1 percent to $13.42 in light premarket
U.S. stocks slid on Monday as worries about Europe caused
the market to pull back from recent gains.