Despite persistent turmoil in the Middle-East and Northern Africa, global markets appear stable Tuesday morning as external power has been reconnected to almost all six nuclear reactors at Japan's Fukushima power plant.

S&P 500 futures are flat at  1,293 while Dow futures are 9 points higher at 11,972. Both indexes jumped 1.50% Monday, rising for a third straight session following several days in the trenches after the fallout from the Japanese earthquake and tsunami. 

"Financial markets are breathing easier around the world this morning as fears over the fallout from Japan's downed nuclear plants subside ... for now," said economists at BMO Capital Markets. 

The 10-year Treasury yield weakened by four basis points to 3.32% Monday. Treasuries remained on the defensive overnight, though the session was quiet - the 10-year traded in a range of 3.32% and 3.35% while money flowed back into equities.  FNCL 4.5 MBS prices are 5/32 lower at 101-28.

Japan's stock market continues to recover overnight. Equities there rose 4.36% today following a holiday Monday, but remain 7.9% lower than prior to the earthquake. Chinese shares climbed 0.34% and Hong Kong shares moved forward by 0.76%. 

While western forces continue to enforce a no-fly zone in Libya, the world's 12th-largest oil exporter, oil prices remain in the triple-digit range. Light crude oil moved 0.16% lower overnight to $102.17 per barrel. Gold prices are 0.01% up at $1,426.60 per ounce. The Telegraph reports a U.S. fighter jet crashed in Libya overnight. Both crew members were able to eject. Only one has been recovered so far. Mechanical issues have been cited as the cause for the crash.

Key Events Today:

8:00 - Susan Pianalto, president of the Cleveland Fed, speaks on the economy in 2011 and beyond to the University of Akron Economic Summit. Her speech is called "The Economy: 2011 and Beyond". 

8:30 - Tim Geithner, Treasury Secretary, addresses a small business conference.

10:00 - A consensus of forecasts isn't available for January's FHFA House Price Index, but the index fell 0.3% in December and there's no reason to expect a rebound just yet. A better measure could be Monday's existing home sales index, which includes prices.

10:15 - The New York Fed's trading desk will purchase an estimated $6.5 to $8.5 billion in Treasuries maturing between 09/30/2016 – 02/28/2018