Small-cap stocks are expected to open higher, boosted by another sharp pullback in crude oil prices overnight and by an extension of the commodities market rout that took place Monday. The Russell 2000 (NYSE:IWM) was expected to open about 0.5% higher, which would translate to an open near 707.70.

Crude oil prices tumbled about $2 dollars a barrel during European trading, slipping below $119. Meanwhile, gold slipped to 6-weeks lows, platinum to 6-month lows and soybeans to 3-month lows. There is hope that this “burst” in the commodity rally will take an edge of inflation concerns. Certainly a downward thrust in crude oil prices would help lower gasoline prices at the pump, which could bolster consumer spending to retailers, and lower fuel costs would help margins for strapped airlines and package couriers.

Some traders may be in a “wait and see” mode ahead of this afternoon’s FOMC report. The Fed’s policy makers are expected to hold the Fed funds rate steady at 2.00%, but the wording of the statement accompanying the non-action will still be poured over to get a sense of how the Fed is leaning toward future rate decisions. Later this morning, the market also could get some volatility from the ISM non-manufacturing survey, which comes out at 10:00 a.m. ET and is expected to show a mild rise to 48.5%.

Large-caps on the move overnight include Apple (Nasdaq:AAPL), which rose over 1.5% as UBS analysts initiated a “buy” rating on the stock. The largest U.S. bank Citigroup (NYSE:C), climbed 2% in after-hours action, bolstered by decent action on European banks overnight. Procter & Gamble (NYSE:PG) posted solid earnings and was up modestly heading toward the regular opening.