Early indications point to a modest market rebound after steep losses suffered on Wall Street Friday. Thirty minutes before the opening bell on Wall Street, stock index futures indicate that the Dow Jones Industrial Average might recover 40 or 50 of the 259-points lost in the previous trading session.

Volatility picked up late last week and triple digit moves in the Dow have become more commonplace.

Trading remains volatile in overseas trading. Japan’s Nikkei lost 2.6 percent and Hong Kong’s Hang Seng shed .6 percent. However, the Shanghai Composite rallied 2.7 percent and trading is decidedly mixed in Europe.

In the US, a report on manufacturing activity might help set the tone for morning trading. The ISM Index, due at 10:00 eastern time, is expected to show improvement to 53 in October, up from 52.6 the month before.

Bonds are seeing modest losses ahead of the news. The benchmark ten-year Treasury is down 7/32nd and now yields 3.4 percent.

The dollar added .40 to 90.07 on the Japanese yen. The euro gained .0036 to 1.4750.

Metals, mining and energy names might bounce after crude oil gained 33 cents to $77.33 a barrel and gold added $14.20 to 1054.60 an ounce.

Among the other stocks to watch, Ford Motor (F) is up 9 percent after the automaker posted earnings and revenues that beat Street estimates. Human Genome Sciences (HGSI) surged more than 30 percent after company announced progress with its Lupus drug. PALM and Research In Motion (RIMM) are lower after Citi analysts whacked both stocks with Sell ratings Monday.