US stock markets set to build on record highs in shortened trading session

US stock markets set to build on record highs in shortened trading session

U.S. stock index futures pointed to a slightly higher start on Tuesday, building on gains which took markets to fresh record highs in the previous session.

At 4 a.m. ET, Dow futures were up 12 points, pointing to a higher open of more than 8 points. Futures on the S&P and Nasdaq were higher too. Trading is expected to be subdued on Tuesday as many financial markets will close early for the Christmas holidays.

On Monday, the three major averages all posted record closes. Shares of Boeing led the gains, jumping 2.9% after the company ousted CEO Dennis Muilenburg amid the 737 Max crisis.

Market focus is largely attuned to developments on the U.S.-China trade front. Investors cheered the news that China will cut import tariffs on a wide range of goods. China’s finance ministry announced starting January 1, it will lower import tariffs on over 850 products ranging from frozen pork to some types of semiconductors. China is making efforts to boost imports amid a slowing economy and a trade war with the U.S.

On the data front, Philadelphia Fed manufacturing surveys are due at 8:30 a.m. ET, followed by Richmond Fed surveys at 10 a.m. ET.

The U.S. stock market closes at 1 p.m. ET on Tuesday for Christmas Eve and is closed on Wednesday for Christmas. Thursday and Friday are regular trading days.

—CNBC’s Yun Li contributed to this report.

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