Despite the turmoil in Ukraine, Wall Street looked set to rebound on Tuesday, following the worst day for markets in a month. (Follow live blog: Ukraine crisis: Latest news and market reaction) U.S. stock-index futures and shares in Europe pointed sharply higher, following reports that Russian President Vladimir Putin had ordered his troops to cease military exercises along the border with Ukraine and return to base.

Russian markets also rebounded, after sharp selling on Monday. Nonetheless, Moscow's forces remained in control of Ukraine's Crimea region, seized after Russian ally Viktor Yanukovich was ousted as Ukrainian president last month. (Track: European markets live) The dollar edged lower against other currencies, and the yield on the 10-year Treasury note rose 4 basis points to 2.645 percent. Crude futures fell $1.14, or 1.1 percent, to $103.78 a barrel; gold futures dropped $16.00, or 1.2 percent, to $1,334.30 an ounce.

U.S. Secretary of State John Kerry will visit Ukraine on Tuesday to propose ways for negotiations to take place between Russia and Ukraine. "Of course it's not 'all over'. The economic fallout, notably in Russia, will be significant, and building political stability in the Ukraine remains a huge challenge. But financial markets are short-sighted animals, and everything is calmer," said Kit Juckes, head of foreign exchange strategy at Societe Generale, in a research note on Tuesday. (View more: John Kerry heads to Ukraine)