U.S. stock index futures jumped on Monday after the United States and China said they had reached a deal to reduce tariffs, easing concerns of an all-out trade war that had gripped global markets. Speaking after talks with Chinese officials in Geneva,

the U.S. would cut the "de minimis" tariff on China shipments to 54% from 120%, with a flat fee of $100 to remain starting from May 14.

The US and China said on Monday that they would both cut tariffs for at least the next 90 days, following talks in Geneva at the weekend.

U.S. stock index futures were down on Tuesday, pulling back after a sharp rally fueled by a U.S.-China trade truce, as investors turned their focus to a key U.S. inflation reading that could shape the outlook for monetary policy.

Oil prices edged higher on Tuesday, with gains capped by rising supplies and caution over whether the pause in the U.S.-China trade war will lead to a longer-term deal.