Investing.com – U.S. futures pointed to a higher opening on Tuesday as the announcement of new Chinese stimulus measures eased fears about the impact of a trade war with the U.S., where earnings season is kicking off.
The S&P 500 futures rose 10 points or 0.42% as of 6:40 AM ET (11:40 GMT) while Dow futures gained 123 points, or 0.52%. Meanwhile tech heavy Nasdaq 100 futures increased 40 points, or 0.61%.
China signaled more stimulus measures in response to an unexpected fall in the country's exports in December. The measures should help ease investor worries over slowing global growth.
Chinese Premier Li Keqiang said the government would help meet the country's economic goals for 2019, while the the National Development and Reform Commission said it would aim to achieve “a good start” in the first quarter. The People's Bank of China also reduced its reserve requirements on banks again, as previously announced.
Earnings season begins in full force, with Wells Fargo (NYSE:WFC) and Delta Airlines (NYSE:DAL) slated to report quarterly results before the opening bell. United Continental Holdings Inc (NASDAQ:UAL) is due after the close.
JPMorgan Chase & Co (NYSE:JPM) slumped 2% in premarket trading after its fourth-quarter earnings missed expectations.
UnitedHealth (NYSE:UNH) was among the top gainers, rising 1.17% after its earnings came in higher than expected. Pharmaceutical company Perrigo Co (NYSE:PRGO) increased 1.05%, while Carnival (NYSE:CCL) Corp was up 1.02%, and Bank of America (NYSE:BAC) jumped 1.44%.
Elsewhere, Pacific Gas & Electric Co (NYSE:PCG) slumped 6.92%, while Coca-Cola (NYSE:KO) dipped 0.53%.
On the economic front, producer prices are released at 8:30 AM ET (13:30 GMT). Investors will also be listening to a flurry of Federal Reserve speakers for clues on the future pace of monetary policy. Minneapolis Fed President Neel Kashkari, Kansas City Fed President Esther George, and Dallas Fed President Robert Kaplan are all expected to speak throughout the day.
In commodities, gold futures fell 0.15% to $1,289.35 a troy ounce, while crude oil rose 1.54 to $51.29 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.29% to 95.48.
-Reuters contributed to this report.