The major U.S. index futures are currently pointing to a modestly higher open on Tuesday, with stocks likely to add to the gains posted in the two previous sessions.

The markets may benefit from a continued advance by shares of Nvidia (NASDAQ:NVDA), which are jumping by 2.2 percent in pre-market trading after surging by 3.4 percent to a record closing high on Monday.

During the CES in Las Vegas, Nvidia unveiled its latest line of consumer GPUs, the GeForce RTX 50 Series, for both desktop and laptop platforms.

Early buying interest may be somewhat subdued, however, as traders look ahead to the release of some key U.S. economic data in the coming days.

On Friday, the Labor Department is due to release its closely watched monthly jobs report, which is expected to show employment increased by 160,000 jobs in December after jumping by 227,000 jobs in November.

Reports on private sector employment and consumer sentiment are also likely to attract attention along with the minutes of the latest Federal Reserve meeting.

Stocks showed a strong move to the upside early in the session on Monday but gave back ground over the course of the trading day. The major averages pulled back well off their highs of the session, although the Nasdaq and the S&P 500 managed to remain in positive territory.

The Nasdaq jumped 243.30 points or 1.2 percent to 19,864.90 and the S&P 500 climbed 32.91 points or 0.6 percent to 5,975.38. The narrower Dow, on the other hand, edged down 25.57 points or 0.1 percent to 42,706.56.

The early rally on Wall Street partly reflected continued strength among tech stocks after contract electronics giant Foxconn reported record fourth quarter revenue amid strong AI server demand.

Foxconn is an assembly partner with AI darling and market leader Nvidia, which moved sharply higher on the day. Chipmaker Micron (NASDAQ:MU) also posted a standout gain, skyrocketing by 10.5 percent.

Early buying interest was also generated in reaction to a Washington Post report suggesting President-elect Donald Trump may scale back his tariff plans.

While Trump previously called for “universal” tariffs of as high as 10 or 20 percent on everything imported into the U.S., the Washington Post said his aides are now exploring plans that would apply tariffs to every country but only cover “critical imports.”

Buying interest waned over the course of the session, however, as Trump dismissed the report as “fake news.”

Despite the pullback by the broader markets, airline stocks continued to see substantial strength on the day, resulting in a 3.7 percent spike by the NYSE Arca Airline Index.

American Airlines (NASDAQ:AAL) posted a strong gain after TD Cowen upgraded its rating on the airline’s stock to Buy from Hold.

Significant strength also remained visible among computer hardware and semiconductor stocks, with the NYSE Arca Computer Hardware Index and the Philadelphia Semiconductor Index surging by 3.6 percent and 2.8 percent, respectively.

Steel and networking stocks also saw notable strength, while considerable weakness emerged among interest-rate sensitive commercial real estate and utilities stocks.

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