* Futures up: Dow 53 pts, S&P 6.25 pts, Nasdaq 21 pts
By Yashaswini Swamynathan
Nov 22 (Reuters) - U.S. stock index futures were higher on Tuesday, pointing to an extension of the post-election rally, a day after Wall Street closed at record levels on hopes that President-elect Donald Trump's policies would prove market friendly.
* The small cap Russell 2000 index hit a record high on Monday, marking the first time since December 1999 that all four major Wall Street indexes closed at record levels on the same day.
* The lure of possible tax cuts, higher spending on infrastructure and simpler regulations in the banking and healthcare industries under Trump's presidency have triggered a rally, especially in these sectors, since Nov.9.
* The S&P 500 financial sector has risen more than 11 percent since the election, while the industrial sector has risen 5.6 percent.
* Trump vowed to withdraw from the Trans-Pacific Partnership (TPP) trade accord as he outlined his plans on Monday for his first day in office next year.
* Dow and S&P futures hit record levels overnight, while higher oil prices carried the momentum into early morning trade on Tuesday. Oil rose to its highest level this month as investors hope that the OPEC would arrive at an agreement to limit output and boost prices.
* The dollar was down 0.2 percent at 100.82. The index is on track to mark its second day of losses, after having risen for ten days in a row.
* Data on tap includes a report on existing home sales, which likely dropped 0.5 percent to 5.43 million units in October. The report is due at 10:00 a.m. ET (1500 GMT).
* Shares of Palo Alto dropped 11.7 percent to $142.25 in premarket trading after the cyber security firm forecast revenue for the current quarter that missed the average analysts' estimate.
* Medtronic was off 4.4 percent at $77 after the medical device maker lowered its full-year earnings forecast.
Futures snapshot at 6:55 a.m. ET:
* Dow e-minis were up 53 points, or 0.28 percent, with 20,617 contracts changing hands.
* S&P 500 e-minis were up 6.25 points, or 0.28 percent, with 113,116 contracts traded.
* Nasdaq 100 e-minis were up 21 points, or 0.43 percent, on volume of 15,796 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D'Silva)