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* 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 futuresadvanced on Tuesday retracing ground lost the prior day,indicating that Wall Street would rebound off its worst dailysession since November.
Major averages dropped about 1 percent on Monday, pressuredby renewed worries over the euro zone's sovereign debt crisis.While the day's decline pushed the S&P 500 into negativeterritory for February, equities have been strong performers oflate, and the benchmark index is up 4.9 percent for 2013.
Wall Street has advanced on strong fourth-quarter earningsand signs of improved economic growth, suggesting the market'slonger-term trend remains higher.
"Markets may have been slightly ahead of themselves, butinvestors recognize that earnings and data are both morepositive than we previously thought, so no one should worry thatyesterday was the start of anything bigger," said Oliver Purshe,president of Gary Goldberg Financial Services in Suffern, NewYork.
Archer Daniels Midland, Walt Disney Co andKellogg Co are among the companies on tap to report onTuesday. According to Thomson Reuters data, of the 256 S&P 500companies that have reported earnings thus far, 68.4 percenthave beaten profit expectations, compared with the 62 percentaverage since 1994 and the 65 percent average over the past fourquarters.
Fourth-quarter earnings for S&P 500 companies are expectedto rise 4.4 percent, according to the data. That estimate isabove 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 fairvalue, a formula that evaluates pricing by taking into accountinterest rates, dividends and time to expiration on thecontract. Dow Jones industrial average futures added 69points and Nasdaq 100 futures rose 11.5 points.
At current levels, the S&P is about 5.4 percent away fromits all-time intraday high of 1,576.09, reached in October 2011.
Investors will also be looking to the Institute for SupplyManagement's January non-manufacturing index, due at 10 a.m.(1500 GMT). Economists forecast a reading of 55.2, versus 55.7in December.
Last week, the ISM's manufacturing index for January showedthe pace of growth in manufacturing picked up to its highestlevel in nine months.
In company news, McGraw-Hill will be in focus a dayafter news the U.S. Justice Department plans to sue thecompany's Standard & Poor's unit over its mortgage bond ratings.The action would mark the first such federal action against acredit 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 $44.49before the bell after the company reported earnings that beatexpectations and said underlying financial momentum would be"strongly evident" by 2014.
Dell Inc may also be volatile as the company movedcloser to a nearly $24 billion buyout deal to take the companyprivate. The stock rose 1.1 percent to $13.42 in light premarkettrading.
U.S. stocks slid on Monday as worries about Europe causedthe market to pull back from recent gains.
