U.S. stock index futures rose on Tuesday after China further relaxed its COVID-19 curbs, fuelling hopes of a recovery in the world's second largest economy.
have lost 5.8% and 8.5%, respectively, so far in December and are on track for their biggest yearly loss since the financial crisis of 2008 on fears that the Federal Reserve's aggressive monetary policy tightening could tip the U.S. economy into a recession.
Economic data so far has offered little hope that the Fed could hit the brakes on its interest rate hikes, with a report last week showingbut not enough to discourage the U.S. central bank from driving rates to higher levels next year. Money markets are pricing in 63% odds of a 25-basis-point interest rate hike at the Fed's next meeting in February and see rates peaking at 4.93% in May 2023. .
Trading volumes remain thin as investors return from a long weekend, while the economic data schedule is also light this week with some home sales and jobs reports on tap. At 6:18 a.m. ET, Dow e-minis were up 208 points, or 0.62%, S&P 500 e-minis were up 25 points, or 0.65%, and Nasdaq 100 e-minis were up 62.5 points, or 0.56%.
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