LONDON -- Stock index futures at 7 a.m. EDT indicate that the Dow Jones Industrial Average (DJINDICES:^DJI) may open up by 1.22% this morning, while the S&P 500 (SNPINDEX:^GSPC) may open 0.8% higher. CNN's Fear & Greed Index has returned to "fear" territory and is poised to start the day at 31, up from Wednesday's close of 25.

After yesterday's strong gains, European markets were more cautious this morning ahead of today's nonfarm payrolls report. Financial and consumer goods stocks were among the biggest gainers. As of 7:50 a.m. EDT, the FTSE 100 is up 0.31%, the DAX is down 0.22%, and France's CAC 40 is down 0.31%. German markets edged lower after new data showed that industrial orders fell by 1.3% in May, driven by a 2% fall in domestic demand, while coalition government negotiations continue in Portugal after the recent resignation of two senior ministers. In Greece, negotiations continue between the government and International Monetary Fund officials regarding the conditions required for Greece to receive its next bailout payment. In Asia, most markets closed higher this morning, with Japan's Nikkei 225 posting a 2.1% gain and the Hong Kong Hang Seng Index closing up by 1.9%.

Today's U.S. trading is likely to be dominated by the nonfarm payrolls report, which is due at 8:30 a.m. EDT. Consensus forecasts suggest that about 155,000 new jobs may have been created in June, compared to 175,000 in May, which would leave the unemployment rate down slightly to 7.5% from 7.6% in May. U.S. investors returning to work after yesterday's holiday may also be encouraged by yesterday's comments from European Central Bank President Mario Draghi, who said low interest rates were likely to continue for an "extended period" -- a comment which helped the FTSE 100 close up by more than 3% yesterday.

Corporate news is thin today, although defense contractor GenCorp is due to update the markets during the day. However, several major stocks have advanced strongly during premarket trading, including Tesla, which is up 2.3%. Citigroup, JPMorgan Chase, and Bank of America are all more than 1% higher in early trading, while Genuine Parts Company has edged higher.

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Roland Head has no position in any stocks mentioned. The Motley Fool recommends Bank of America and Tesla Motors. The Motley Fool owns shares of Bank of America, Citigroup, JPMorgan Chase, and Tesla Motors. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.