* Futures up: Dow 34 pts, S&P 3 pts, Nasdaq 20 pts
By Sruthi Shankar
Aug 22 (Reuters) - U.S. stock index futures were higher on Tuesday as investors picked up beaten-down stocks, while focus also shifts to speeches from central bankers later this week.
* The benchmark S&P 500 index ended slightly higher on Monday, after two days of declines, though a drop in oil prices weighed on energy shares.
* While the S&P is still up 13.5 percent since last year's U.S. election, it had fallen 2.1 percent in the last two weeks - the most since the two weeks before the election - on concerns over President Donald Trump's ability to legislate his pro-growth agenda.
* Investors also remained wary ahead of the annual central banking conference in Jackson Hole, Wyoming, starting Thursday, where Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are scheduled to speak.
* Yellen's speech on Friday will be closely watched for a steer on U.S. monetary policy, given persistently low inflation, but central bank observers do not expect her to give new guidance on policy.
* Oil prices rebounded after a near nearly 2 percent drop on Monday, lifted by indications that supply may be tightening gradually, especially in the United States.
* Among stocks, Coty fell 7.42 percent in premarket trading after the beauty products maker reported a surprise quarterly loss.
* VMWare was up about 2 percent at $98.89 after Deutsche Bank upgraded the stock to "buy" from "hold".
* Medtronic fell about 1.2 percent to $82.50 after the medical device maker posted lower-than-expected quarterly revenue.
Futures snapshot at 7:08 a.m. ET (1108 GMT):
* Dow e-minis were up 34 points, or 0.16 percent, with 23,048 contracts changing hands.
* S&P 500 e-minis were up 3 points, or 0.12 percent, with 146,871 contracts traded.
* Nasdaq 100 e-minis were up 20 points, or 0.35 percent, on volume of 30,635 contracts. (Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D'Souza)