X US Steel Corp

The major U.S. index futures are currently pointing to a higher open on Tuesday, with stocks likely to move to the upside after recovering from early weakness to end the previous session mixed.

The futures saw a notable advance following the release of a Labor Department report showing producer prices rose by slightly less than expected in the month of December.

The Labor Department said its producer price index for final demand crept up by 0.2 percent in December after climbing by 0.4 percent in November. Economists had expected producer prices to rise by 0.3 percent.

Meanwhile, the report said the annual rate of producer price growth accelerated to 3.3 percent in December from 3.0 percent in November. The acceleration matched economist estimates.

The smaller than expected monthly increase by producer prices may help ease recent concerns about the outlook for inflation and interest rates, although the faster annual growth may keep buying interest somewhat subdued.

On Wednesday, the Labor Department is scheduled to release its more closely watched report on consumer price inflation in the month of December.

Economists currently expect consumer prices to rise by 0.3 percent in December, matching the increase seen in November. The annual rate of growth is expected to accelerate to 2.9 percent from 2.7 percent.

Stocks showed a notable move to the downside early in the session on Monday but regained ground over the course of the trading day. The S&P 500 climbed well off its worst levels of the day and into positive territory, although the Nasdaq remained in the red.

The S&P 500 rose 9.18 points or 0.2 percent to 5,836.22, while the Nasdaq fell 73.53 points or 0.4 percent to a one-month closing low of 19,088.10.

The narrower Dow, on the other hand, spent most of the day in positive territory before closing up 358.67 points or 0.9 percent at 42,297.12.

Weakness in the tech sector weighed on Wall Street early in the session, as AI darling and market leader Nvidia (NASDAQ:NVDA) plunged by as much as 4.7 percent.

Quantum computing stocks also saw continued weakness after Meta (NASDAQ:META) CEO Mark Zuckerberg echoed Nvidia CEO Jensen Huang’s remarks that quantum is at least a decade away from being a “useful paradigm.”

Ongoing concerns about the outlook for interest rates also generated negative sentiment following last Friday’s stronger-than-expected monthly jobs report.

Selling pressure waned over the course of the trading session, however, leading some traders to pick up stocks at reduced levels as the S&P 500 rebounded from its lowest intraday level in over two months.

Meanwhile, the advance by the Dow partly reflected a strong gain by UnitedHealth (NYSE:UNH) after the U.S. government proposed a 4.3 percent average total increase to its 2026 reimbursement rates for Medicare Advantage plans.

Steel stocks showed a substantial move to the upside on the day, driving the NYSE Arca Steel Index up by 2.6 percent.

U.S. Steel (NYSE:X) helped lead the sector higher, surging by 6.1 percent after a report from the Wall Street Journal said Cleveland-Cliffs (NYSE:CLF) is discussing joining with Nucor (NYSE:NUE) on a possible bid for the company.

Significant strength also emerged among biotechnology stocks, as reflected by the 2.2 percent jump by the NYSE Arca Biotechnology Index.

Oil producer, housing, and natural gas stocks also saw notable strength, while considerable weakness remained visible among gold, airline and computer hardware stocks.

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US Steel (NYSE:X)
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