U.S. stock futures jumped on Tuesday morning after Russia appeared to be backing away from an immediate invasion of Ukraine, cooling geopolitical tensions that have knocked the stock market down the last three days.
Futures for the Dow Jones Industrials vaulted 416 points, or 1.2%, to 34,887.
Futures for the S&P 500 hiked 65.75 points, or 1.5%, to 4,459.75
Futures for the NASDAQ leaped 288.5 points, or 2%, to 14,541.50.
Airline and cruise stocks led early pre-market gainers while energy companies were the biggest losers as oil prices fell. American Airlines rose 4% in pre-market trading and Carnival Corp. added more than 4%.
The Russian Defense Ministry said it had begun returning some troops to deployment bases after training exercises near the Ukrainian border.
In addition to the Ukraine drama, investors will get another look at inflation Tuesday. The January producer price index, which measures final-demand wholesale prices, was to be released at 8:30 and is expected to show a monthly gain of 0.5%.
Overseas, in Japan, the Nikkei 225 skidded 0.8%, while in Hong Kong, the Hang Seng lost 0.8
Oil prices declined $2.87 to $92.59 U.S. a barrel.
Gold prices fell $16.60 to $1,852.50 U.S. an ounce.