Last checked at 
* Monday's decline was S&P 500's biggest since November
* ISM's gauge of U.S. service industries on tap, seenslightly lower
* ADM, Estee Lauder shares up in premarket trade afterresults
* Futures up: Dow 48 pts, S&P 5.3 pts, Nasdaq 10.25 pts
By Ryan Vlastelica
NEW YORK, Feb 5 (Reuters) - U.S. stock index futures pointedto a modestly higher open on Tuesday, retracing lost ground onMonday in the market's worst daily session since November.
Investors will 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 55.7 inDecember.
Last week, ISM manufacturing index for January showed thepace of growth in manufacturing picked up to its highest levelin nine months.
On Monday major stock indexes dropped about 1 percent,pressured by renewed worries over the euro zone's sovereign debtcrisis. While the day's decline pushed the S&P 500 into negativeterritory for February, equities have been strong performers,with the benchmark S&P 500 index 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 OliverPursche, president of Gary Goldberg Financial Services inSuffern, New York.
Archer Daniels Midland reported revenue and adjustedfourth-quarter earnings that beat expectations, boosted bystrong global demand for oilseeds. Shares rose 2 percent to $29in premarket trading.
Estee Lauder Cos Inc gained 3.2 percent to $63 beforethe bell after reporting results.
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 5.3 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 48points and Nasdaq 100 futures rose 10.25 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.
McGraw-Hill will be in focus a day after news theU.S. Justice Department plans to sue the company's Standard &Poor's unit over its mortgage bond ratings. The action wouldmark the first such federal action against a credit ratingagency 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,though it rose 0.7 percent to $50.64 in Tuesday premarkettrading.
U.S. shares of BP Plc rose 1.3 percent to $44.18before 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 percent to $13.40 in premarkettrading.
U.S. stocks slid on Monday as worries about Europe causedthe market to pull back from recent gains.
