May 7 (Reuters) -ICE cotton futures rose on Tuesday aided by a technical correction, while gains in the wider financial markets also extended support to the natural fiber.

* Cotton contracts for July CTc2 rose 1.0 cent, or 1.3%, to 78.1 cents per lb by 11:39 p.m. ET (1539 GMT). On May 2, the contract hit its lowest since October 2022.

* "It's kind of a turn around Tuesday, we're up from being down yesterday... it seems to be more technically oriented as much as anything," said Jack Scoville, vice president at Chicago-based Price Futures Group.

* The market fell around 1.3% in the previous session, pressured by traders' switch to net short positions. CFTC/

* "Right now we're up near the recent highs, and that's probably enough to create some selling interest," Scoville added.

* In the financial market, U.S. stock indexes rose, extending their recent run on expectations that the Federal Reserve will cut interest rates this year. .N

* Meanwhile in agricultural markets, Chicago wheat fell from a nine-month peak, while corn and soybeans eased from four-month highs as markets gauged the impact on crops of a harsh weather in some major production zones worldwide. GRA/

* Investors currently look ahead to the U.S. Department of Agriculture's (USDA) monthly World Agriculture Supply and Demand Estimates (WASDE) report on Friday, along with weekly export sales data on Thursday.

Reporting by Anjana Anil in Bengaluru; Editing by Shailesh Kuber