US stock futures climbed before the bell on Tuesday as investors welcomed a pullback in surging oil prices, putting focus back on the ongoing debate over the economy and interest rates.

Futures on the S&P 500 (ES=F) stepped up 0.4%, while Nasdaq 100 (NQ=F) rose 0.5% as tech megacaps began to recoup some of the previous session's losses. Dow Jones Industrial Average futures (YM=F) edged up roughly 0.2%.

Stocks are set to pick up on the winning trend of recent months as Monday's headwinds ease. Oil prices are retreating as Mideast tensions cool somewhat, while the 10-year Treasury yield (^TNX) briefly slipped after rising back above the key 4% level on Monday.

Some "Magnificent 7" stocks were starting to regain ground lost amid negative headlines, with Amazon (AMZN), Apple (AAPL), and Alphabet (GOOG, GOOGL) all nudging higher. Meanwhile, Nvidia (NVDA) built on a closing gain as the chip heavyweight's partner Hon Hai pointed to "crazy" AI demand.

But the market is still grappling with busted hopes for jumbo interest-rate cuts, while lingering recession worries got a boost as China failed to deliver expected big stimulus on Tuesday. Stocks in Hong Kong (^HSI) slumped over 9%, as a roaring stimulus-fueled rally in Chinese stocks fizzled out.

Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards

On that theme, Federal Reserve policy is "well positioned" to nail a "soft landing" for the economy, New York Fed president John Williams told the Financial Times. Meanwhile, Fed governor Adriana Kugler said data will continue to drive rate decisions.

Those comments sharpened investors' focus on the CPI inflation report due Thursday, which will be scoured for reasons for the Fed to change its plan to stick with 0.25% rate cuts in future.

In corporates, PepsiCo (PEP) got the ball rolling on earnings season, posting a surprise drop in quarterly revenue and lowering its forecast for 2024 sales growth. Shares of the snack and drinks giant slipped in premarket.