The major U.S. index futures are pointing to a strong opening on Wall Street on Tuesday, as stocks attempt to carry on the momentum from the previous session.

On Monday, the major averages rallied after weak manufacturing reading and construction spending data triggered hopes of a measured pace of rate hikes. Sentiment also received a lift from falling bond yields.

Citing a potential pivot by the Federal Reserve after the December meeting, Cantor Fitzgerald analyst Eric Johnston is predicting a sharp rally going into the year-end, he said in an interview with CNBC.

In premarket trading on Tuesday, the SPDR S&P 500 ETF Trust(NYSE:SPY) rose 1.78% to $373.12, while Invesco QQQ Trust(NASDAQ:QQQ) was up 2.20% to $279.56, according to Benzinga Pro data.

On the economic front, the Commerce Department is scheduled to release its durables goods orders and factory orders report for August at 10 a.m. EDT.

Federal Open Market Committee member and New York Fed Present John Williams, Cleveland Fed President Loretta Mester, Federal Reserve Board Governor Philip Jefferson and San Francisco Fed President Mary Daly are among the central bank officials making public appearances on Tuesday.

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Stocks In Focus:

• Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose over 8% in premarket after the electric vehicle maker reported third-quarter production and deliveries data.
• Rival Tesla, Inc. (NASDAQ:TSLA) was seen snapping a three-session slide, up 3.3%.
• Apple, Inc. (NASDAQ:AAPL) could be in focus after Bloomberg reported iPhone exports from India crossed $1 billion for the five months since April.
• The tech giant's contract manufacturer Hon Hai Precision Industry Company Limited (OTC:HNHPF) reported strong sales for September and said it remains cautiously optimistic about the fourth quarter.
• Auto retailers Carvana Co. (NYSE:CVNA) and AutoNation, Inc. (NYSE:AN) were rallying strongly.

Commodities, Global Equity Markets:

Crude oil futures continue to push higher ahead of Wednesday's OPEC meeting. After surging over 5% in the previous session, WTI crude oil futures were advancing moderately on Tuesday.

The major Asian markets rose sharply on Tuesday, encouraged by the positive lead from Wall Street overnight. The Reserve Bank of Australia hiked its policy rate by a less than expected quarter basis points, fueling a rally in stocks but a pullback in the domestic currency.

The Chinese and Hong Kong markets remained closed for public holidays.

European stocks were soaring in late morning deals on Tuesday, building on the momentum seen in the previous session. Waning fears concerning aggressive rate hikes by global central banks have served to allay fears in the minds of traders.