Opening bell: Tracking GCI, a day after 10% fall

Stocks overall appeared ready to rise when trading resumes at 9:30 a.m. ET, after tumbling Monday to their worst levels in more than a decade; Gannett's shares fell nearly 10%, closing at $2.92. This morning, Dow Jones industrial average futures were higher by about 53 points. S&P 500 and Nasdaq 100 futures were also higher, The Wall Street Journal says.

Indeed, stocks are starting to look cheap, David Leonhardt writes on The New York Times's Economix blog. "The long-term price-earnings ratio of the Standard & Poor 500-stock index is down to about 12.3,''' he says. "Over the past century, this ratio has averaged about 16. So relative to corporate profits, the stock market now appears to be undervalued by about 30%."