Stock futures were slightly higher Tuesday as the market tried to extend its recent rally. Futures tied to the Dow Jones Industrial Average were up 60 points, or 0.16%. S&P 500 futures and Nasdaq-100 futures inched 0.14% and 0.13% higher, respectively. Stocks are coming off a winning session. The S&P 500 added 0.45%, putting it 1.2% away from its all-time closing high of 4,796.56 reached in January 2022. The tech-heavy Nasdaq Composite gained 0.6%, while the 30-stock Dow added 0.86 point. Stocks have hit rally mode as of late, with last week’s indication of three likely interest rate cuts from the Federal Reserve in 2024 providing another catalyst for the market. Signs of cooling inflation and a pullback in Treasury yields have also helped risk assets. “Markets are celebrating right now, not only disinflation, but the soft landing scenario,” Emily Roland, co-chief investment strategist at John Hancock Investment Management said on CNBC’s “Closing Bell: Overtime” on Monday. “The Fed had indicated that they feel that we’re landing on soft landing island here, and we’re seeing risk assets participating across the board.” All three major averages on pace to finish December with gains. The S&P 500 is up 3.8% for the month and coming off its longest weekly winning streak since 2017. The Nasdaq and Dow are up 4.8% and 3.8%, respectively. A light week for economic data and earnings continues Tuesday with preliminary building permits data for November and housing starts. Earnings from FedEx are also on deck after the bell. Atlanta Fed President Raphael Bostic is also slated to speak. The 10-year U.S. Treasury yield retreated on Tuesday, reversing course from the previous day’s trade and continuing a general downward trend over the past week. The yield on the benchmark 10-year note was down 5 basis points at 3.903%, having fallen below 4% on Thursday to hit its lowest point since July. Yields move inversely to prices. Japan’s Nikkei 225 index closed more than 1% higher Tuesday after the country’s central bank left the main policy rate unchanged at its final meeting of the year. In Australia, the S&P/ASX 200 rose closed 0.84% at 7,489.10, resuming its climb after the index snapped a six-day winning streak on Monday. South Korea’s Kospi closed flat at 2,568.55, while the small-cap Kosdaq gained 0.86% at 858.30 after hitting its highest level since Sept. 22 on Monday. Hong Kong’s Hang Seng index fell 0.76% in the final hour of trading, while mainland China’s CSI 300 closed up 0.14% at 3,334.04. Oil prices traded marginally higher Tuesday as tankers shun the Red Sea on the back of heightened attacks by Iran-backed Houthi militants which have disrupted international shipping routes. Global benchmark Brent traded 0.1% higher at $78.06 a barrel while the U.S. West Texas Intermediate futures gained 0.1% to $72.53 per barrel. Gold prices were subdued on Tuesday as a slight uptick in the dollar countered support from falling Treasury yields, while investors await U.S. economic data due this week that could further illuminate the Federal Reserve’s interest rate path. Spot gold was steady at $2,026.30 per ounce. U.S. gold futures were also flat at $2,041.20.